Commercial insurtech Coverdash launches following seed round

Commercial insurtech startup Coverdash has launched in the US following a successful seed round, with a mission to advance embedded insurance

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."

Share

Featured Articles

Insurtech Bdeo’s CEO talks digital transformation & adoption

Julio Pernía Aznar, CEO and co-founder of Bdeo, discusses the insurance market predictions for 2023 and beyond, for digital adoption

Insly's Risto Rossar on the outlook for low-code software

Risto Rossar, Founder and CEO of low-code provider Insly, talks about the state of digital transformation in insurtech and what to expect from the future

Top 10 insurtech investment funders of 2023

The growth of insurtech has been driven by market demand and the power of investment. We round up the top 10 insurtech funders scaling the industry

FOUR leading usage-based insurance trends for the year ahead

Insurtech

INSTANDA CEO & Founder talks career moves & insurtech growth

Insurtech

10 benefits ERP technology brings to the insurance industry

Technology & AI