Coverdash announces USD 13.5 mln in Series A funding

Friday 1 March 2024 14:40 CET | News

Coverdash has announced USD 13.5 million in Series A funding, bringing the company’s total funding to USD 16 million to date. 

As per the press release, the Series A round was led by Nyca Partners, joining existing investors including Bling Capital, AXIS Digital Ventures, Tokio Marine Future Fund, Expansion VC, Cameron Ventures, and others.  

The latest financing is intended to be used to further expand Coverdash’s embedded partner network, grow its internal team, as well as broaden its insurance carrier panel.

Coverdash has announced USD 13.5 million in Series A funding, bringing the company’s total funding to USD 16 million to date.

Coverdash offers a full suite of commercial insurance products for all startups and SMBs across the US, allowing them to purchase business insurance within seconds from the places they trust most. Coverdash's embedded technology enables partners from any industry to easily offer insurance to existing customers with a single line of code. The technology packages the necessary operational, compliance and financial elements to allow partners to deliver highly configurable insurance solutions within their own front-end environments. 

Reshaping insurance for startups and SMBs 

About 75% of businesses in the US are underinsured and 43% of small businesses are completely uninsured, exposing them to financial and legal risks. Coverdash is stepping in to better serve startups and SMBs in a landscape where major insurance providers have de-emphasised the importance of coverage for these businesses. Coverdash’s primary products are general liability, business owners policy, workers compensation, directors and officers liability, cyber insurance, and professional liability. 

Coverdash goes beyond coverage, offering startups and SMBs the support they need, especially in challenging landscape when navigating the complexities of insurance has never been more vital. Coverdash’s growing embedded partner network includes various providers who serve or transact with businesses including leading payroll providers, POS providers, banks, lenders and vertical SaaS platforms. By integrating Coverdash's single line of code, these partners can swiftly offer business insurance through their own platforms to their existing customers within 24-48 hours.  

Moreover, Coverdash leverages its proprietary embedded playbook to enhance in-platform user engagement by mapping company milestones with insurance purchase triggers. This ensures that embedded partners can continuously support their customers' evolving businesses by offering the right insurance product exactly when it's needed, thereby eliminating any gaps in coverage. 

About Coverdash 

Based in the US, Coverdash is a fully-digital business insurance agency that seeks to transforming the business insurance process for startups and small businesses. Coverdash's revolutionary embedded technology enables any partner to host its end-to-end insurance experience with a single line of code. Coverdash serves all startups and SMBs from pre-formation all the way to Series D+. 

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Keywords: insurance, insurtech, funding, investment, SMEs
Categories: Banking & Fintech
Companies: Coverdash
Countries: United States
This article is part of category

Banking & Fintech


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