Commercial insurtech Coverdash launches following seed round
US insurtech startup Coverdash has launched on the back of an undisclosed but oversubscribed seed funding round, reported to be in the region of US$2.5mn.
The fully digital insurer will make it easier for business owners, online merchants and gig-economy workers to source coverage in a matter of seconds. It offers a broad range of commercial insurance products including liability insurance, property insurance, workers’ comp and cyber protection. It is now live in all 50 US states.
The New York-based startup uses embedded technology to integrate with partners through a single line of code, allowing insurance products to be sold as part of existing ecommerce checkout flows. Integration is straightforward, the company says, and Coverdash's network of embedded partners includes leading online marketplaces, service providers, PEOs, lenders, brokers and various other platforms who serve or transact with businesses across the US.
Coverdash’s seed funding round was led by Bling Capital alongside AXIS Digital Ventures, Tokio Marine Future Fund, Expansion VC and Cameron Ventures. The startup also received the backing of angel investors such as Greg Hendrick, the CEO of Vantage Risk; and Garret Koehn, the President of CRC Insurance.
Future of embedded insurance is here, Coverdash says
Coverdash will use the funding to continue its market expansion, hire more staff, and invest in increased product innovation and go-to-market initiatives.
"Insurtech 2.0 is here, marking the next phase of the embedded fintech revolution," says Ralph Betesh, Co-Founder and CEO of Coverdash. "We have created a frictionless transactional experience that is unseen within the insurance landscape. Our mission is to empower partners with these capablities and help finally make insurance accessible and simple for business owners across the nation."
Ben Ling, Founder and General Partner at Bling Capital, adds: "The development and adoption of commercial insurance APIs within the insurtech industry has reached a tipping point, enabling innovative companies with the opportunity to drive true growth and transformation. We view Coverdash as the future of business insurance and embedded distribution. We're excited to stand alongside the team and support them as they move forward on this journey."
