B2B Insurtech Coverdash has closed on a $13.5 million Series A funding round, according to a note from the company. The company notes that this follows a $2.5 million Seed round from last year.
Nyca Partners led the funding, joined by existing investors, including Bling Capital, AXIS Digital Ventures, Tokio Marine Future Fund, Expansion VC, Cameron Ventures, and others.
Coverdash was founded in 2022 seeking to provide insurance products for SMEs and startups in the United States. Coverdash reports that it has topped more than 100 embedded distribution partnerships since its founding. Its tech stack enables partners to sell insurance within seconds, says the company. Coverdash states that 75% of businesses in the US are underinsured, and many small businesses (43%) have no insurance at all.
Coverdash’s primary products are general liability, business owners’ policy, workers’ compensation, directors’ and officers’ liability, cyber insurance, and professional liability.
Ralph Betesh, co-founder and CEO of Coverdash, says his company is acting as a virtual risk management arm, and their service goes beyond coverage, providing support to smaller firms.
“… in today’s challenging landscape when navigating the complexities of insurance has never been more vital. Coverdash is dedicated to empowering both our partners and our customers with these capabilities.”
Nyca Partner Stephanie Khoo says Coverdash’s embedded model is best in class.
“Giving SMB service providers – payroll, payments, lending, website creation, HR, etc – the ability to offer their customers seamless access to business insurance allows them to deepen their client relationships while adding a heretofore untapped revenue stream.”
Coverdash aims to become the one Insurtech for startups and SMEs.
