CoverWallet the all-in-one insurtech platform for business insurance announced Thursday it has closed an $18.5 million Series B funding round led by Foundation Capital.
The startup, founded in New York City, won Best Insurtech Solution at the 2017 Benzinga Fintech Awards.
Benzinga reported last month that CoverWallet had named Paul Rosen, previously the chief sales officer at OnDeck Capital Inc (NYSE: ONDK), as its COO.
CoverWallet has secured more than $30 million in venture capital funding, according to Thursdays announcement. The Series B round included existing investors Union Square Ventures, Index Ventures, CV Starr and Two Sigma Ventures.
Charles Moldow, a partner at Foundation Capital, is joining CoverWallets board of directors as part of the funding round.
Menlo Park, California-based Foundation Capital has invested in startups such as Uber, Netflix, Inc. (NASDAQ: NFLX), Chegg Inc (NYSE: CHGG) and Sunrun Inc (NASDAQ: RUN).
CoverWallets premise is simple and powerful: To become the destination where SMB owners can buy insurance online, Moldow said in a statement.
With an incredibly strong team beginning with [CEO Inaki Berenguer] and [cofounder Rashmi Melgiri] impressive traction and a business model that keeps improving with scale, CoverWallet is fast on its way to realizing that ambition.
The startup said it plans to use the funding to continue building core technology; expand partnerships; and scale operations to meet growing demand and to solidify its position as a market leader in the $100 billion small business insurance space.
Foundation and Moldow share CoverWallets view that the insurance industry is inefficient and unloved by customers, Berenguer said in a statement.
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, he said. We are on a mission to use technology to democratize hassle-free access to business insurance.
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