Covered by SAGE, a modern, tech-enabled Property and Casualty (P&C) insurance brokerage, announced this week it secured $6 million through its latest seed funding round, which was led by NFX with participation from Tectonic Capital and Treasury, the fintech platform launched by Acorns and Betterment Co-Founders.
Founded in 2018, Covered by Sage states it empowers its agents to grow their book faster, service their customers better, and retain their books longer.
“At Covered by Sage, we are leading the transformation of the industry with agents front and center. We started Covered by Sage to make brokerage fair by giving agents better economics and greater experience. That required building a brokerage from ground-up. We are doing just that.”
Speaking about the investment, Gigi Levy-Weiss, Managing Partner of NFX., stated:
“We have seen the customer need for a new type of virtual agency powered by technology. The timing is ideal, given the recent availability of insurance APIs. This is a huge opportunity which Covered by SAGE is set to lead. By rewriting this technology for agents, Covered by SAGE is able to strengthen their role, empowering them to write a lot more business.”
Jeffrey Cruttenden, C0-Founder of Treasury, then added:
“We are excited to support Covered by SAGE’s innovative platform utilizing technology to disrupt an antiquated industry and allowing agents to grow their business no matter where they are located.”
The seed round’s funds will be used to continue the growth and development of the Covered by SAGE platform.