CoverWallet has secured $18.5m in Series B funding led by Foundation Capital with participation from existing investors Union Square Ventures, Index Ventures, CV Starr, and Two Sigma Ventures.
The company makes it easy for small businesses to understand, buy and manage their insurance.
Since launching in 2016, CoverWallet has secured over $30 million in venture capital funding. As part of the funding, Charles Moldow, Partner at Foundation Capital, joins John Buttrick from Union Square on the company's board of directors.
"CoverWallet's premise is simple and powerful," says Charles Moldow, general partner at Foundation Capital, "to become THE destination where SMB owners can buy insurance completely online. With an incredibly strong team—beginning with Inaki and Rashmi—impressive traction, and a business model that keeps improving with scale, CoverWallet is fast on its way to realizing that ambition."
CoverWallet is at the forefront of the rapidly growing insurtech movement, leveraging data to help thousands of small businesses get tailored advice and personalized insurance online. The company utilizes technology to allow small businesses to get and manage the protection they need, easily, promptly and affordably.
"We're thrilled to welcome Foundation Capital and Charles Moldow to the CoverWallet family. They share our assessment of the insurance industry as being inefficient and unloved by customers. Not a recipe for success. Today, there exists a unique opportunity to reinvent it by focusing on the CoverWallet principles of simplification and transparency, leveraging analytics, and, ultimately reducing friction," said Inaki Berenguer, Co-Founder and CEO of CoverWallet. "We are on a mission to use technology to democratize hassle-free access to business insurance."
The company plans to use the new funding to continue building its core technology, expand partnerships, and scale operations, in order to meet growing demand and to solidify its position as a market leader.