CoverWallet Secures $18.5 Million Series B Investment Led by Foundation Capital to Expand Small Business Insurance Platform
CoverWallet continues reinventing insurance, enabling small businesses to learn, buy and manage coverage needs on-demand
New York, October 12, 2017 -- CoverWallet, the leading business insurance startup, announced today that it 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 company makes it easy for small businesses to understand, buy and manage their insurance.
Since launching in 2016, CoverWallet has secured over $30 million in venture capital funding. As part of the funding, Charles Moldow, Partner at Foundation Capital, joins John Buttrick from Union Square on the company's board of directors.
"CoverWallet's premise is simple and powerful," says Charles Moldow, general partner at Foundation Capital, "to become THE destination where SMB owners can buy insurance completely online. With an incredibly strong team—beginning with Inaki and Rashmi—impressive traction, and a business model that keeps improving with scale, CoverWallet is fast on its way to realizing that ambition."
CoverWallet is at the forefront of the rapidly growing insurtech movement, leveraging data to help thousands of small businesses get tailored advice and personalized insurance online. The company utilizes technology to allow small businesses to get and manage the protection they need, easily, promptly and affordably.
"We're thrilled to welcome Foundation Capital and Charles Moldow to the CoverWallet family. They share our assessment of the insurance industry as being inefficient and unloved by customers. Not a recipe for success. 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," said Inaki Berenguer, Co-Founder and CEO of CoverWallet. "We are on a mission to use technology to democratize hassle-free access to business insurance."
The company plans to use the new funding to continue building its core technology, expand partnerships, and scale operations, in order to meet growing demand and to solidify its position as a market leader.
Launched in early 2016, CoverWallet combines deep analytics, thoughtful design and state of the art technology to help small businesses with all their insurance needs. CoverWallet delivers a seamless user experience while offering savings, customized coverage and best-in-class service to their customers. In a matter of minutes, any business can get peace of mind, buying and managing their insurance, all through CoverWallet's online platform.
The company is actively disrupting the $100 Billion small business insurance market. CoverWallet won the 2017 Best Insurtech Solution from the Benzinga Awards and was recently named "One of the Most Entrepreneurial Companies in America" by Entrepreneur Magazine.
About Foundation Capital
At Foundation Capital our guiding star is building significant businesses of lasting value. Among our portfolio of companies: we've helped Netflix revolutionize media distribution and consumption, Lending Club change the way money is lent and borrowed, and Sunrun reinvent the residential clean energy market. Our partners are former operators and entrepreneurs. They've successfully walked the path of the founder, and now help other entrepreneurs on their own journeys to create great, enduring companies.