InsurTech startup Kover reportedly raises $5m in its new funding round

Kover, which offers income protection to gig workers, has reportedly netted $5m in a new funding round.

The capital was supplied by Afore Capital, West Loop Ventures and Foundation Capital, according to a report from Coverager.

Members of Kover can get paid time off, sick leave, 24/7 health service, legal protection and automatic mileage tracking. The policy starts at $7 per month.

The InsurTech’s seed round closed on $1.5m in 2019, with West Loop Ventures serving as the lead investor. Other backers to the round included  Afore Capital and Techstars Ventures.

It also graduated from the 2019 MetLife Digital Accelerator Powered by Techstars.

Kover recently partnered with app-based job platform Jobble. The agreement enables users to sign up to Kover and receive funds if they are unable to work due to hospitalisation or post-collision vehicle repairs.

InsurTech investment has done quite well in 2020, despite the difficulties in the market. FinTech Global’s data shows that while total global investment volume dropped in Q1 to $0.9bn, in Q3 2020, it has risen to $2.4bn – this matches a fiver-quarter high.

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