CoverHound nets $58m in Series C to support growth of cyber insurance policy

CoverHound, a property and casualty insurance platform, has netted $58m for its Series D round of funding.

The round was led by global specialist insurer Hiscox, with participation also coming from other insurers including Chubb, Aflac Ventures and MS&AD. With the close of the Series D, CoverHound has pulled in a total of $112m in equity rounds, since it launched back in 2010.

CoverHound is a digital insurance company which offers business protection for online operations, general liability, business ownership, workers compensation and commercial auto, among others. Personal insurance products are also available including, auto, homeowners, renters and life policies.

Last year, the company released CyberPolicy which helps small businesses to compare, quote and buy cyber insurance policies. Proceeds from the from the round will be used to support the development of its CyberPolicy offering.

In addition to this, the company is looking to expand its offices to North Carolina, with it currently operating from two Californian offices. CoverHound is also hoping to make moves on the Japanese market, as well as a number of other countries.

CoverHound is also looking to continue to strengthen its partnerships with banks, insurers and technology companies, with several already in the pipeline for 2019. A recent deal formed by the InsurTech occurred late last year, after the company teamed with Progressive Insurance to offer its cyber insurance to more SMEs.

Hiscox USA EVP of Small Business Insurance Kevin Kerridge said, “We are delighted to have this opportunity to work more closely with one of the few truly digital agencies that shares our passion for making material strides in the changing SMB landscape.

“CoverHound, as reflected more recently through its CyberPolicy brand, is leading the charge in providing a best-in-class digital cyber solution for businesses, and we are excited to be part of that both as a carrier and the lead investor in this funding round.”

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