New York based digital business insurance agency CoverWallet raised an $18.5m Series B led by Foundation Capital.
Digital business insurance agency CoverWallet said it has closed a $18.5 million Series B funding round led by Foundation Capital with participation from existing investors Union Square Ventures, Index Ventures, CV Starr and Two Sigma Ventures. The firm uses analytics and state of the art technology to customize and simplify, or in its words “democratize,” the purchase of insurance by small businesses. Its carrier partners include Liberty Mutual, CNA, Starr, Guard, Hamilton, Markel, Employers, Travelers, Progressive, Hiscox and Atlas. Since launching in 2016, CoverWallet has secured more than $30 million in venture capital funding, including $7.8 million last November. Insurer CV Starr became a minority shareholder in CoverWallet in July. Starr previously invested in CoverWallet’s Series A round, which also included Union Square Ventures, Index Ventures, Highland Capital Partners, Two Sigma Ventures and Founder Collective.