Digital life insurance platform and insurtech startup Covr Financial Technologies has announced the completion of a Series B funding round of US$15mn, seeing participation from new investor Stone Point Ventures as well as from existing investors Sony Innovation Fund by IVG, Aflac Ventures, Allianz Life Ventures, Connecticut Innovations, Fairview Capital, Contour Venture Partners, Commerce Ventures, and Tribecca Early Stage Partners.
Covr said that the fundraising round will provide growth capital for Covr to continue to build its technology and support a growing number of distribution partnerships, financial advisors, and insurance producers.
Funding round to support Covr’s business growth and lead digital insurance solutions
“We saw great success with this round of fundraising, and adding Stone Point Ventures to our list of investors is very exciting,” said Michael Kalen, CEO of Covr. “This fundraise will allow Covr to continue to grow and lead the way in digital insurance solutions that make the process simpler and more engaging for advisors and consumers.”
We are thrilled to participate in this round,” added Peter Longo of Connecticut Innovations. “We’ve watched Covr grow and expand its digital insurance offering, and look forward to continued innovations in this growing space.”
Covr’s platform offers a single digital insurance journey for multiple insurance carriers and product types and its partners include some of the largest financial institutions, banks, and wealth management firms in the United States.