Clearcover scores $200m in its Series D funding round

Smart car insurance platform Clearcover has scored $200m in its Series D funding round, which was led by Eldridge.

Contributions also came from American Family Ventures, Cox Enterprises, OMERS Ventures and several other unnamed backers.

This capital injection will help Clearcover boost its digital offering by investing into its insurance, product and product. Plans are for the company to double its headcount by next year.

While the InsurTech has not confirmed its valuation, Reuters reports it could be at least $1bn.

The InsurTech automates insurance processes to provide consumers with cheaper auto insurance.

Clearcover co-founder and CEO Kyle Nakatsuji said, “The car insurance experience is becoming increasingly digital and customers want streamlined, customizable options when choosing a carrier.

“In an industry ripe for transformation, we see ourselves as innovators in digital car insurance experiences while providing our customers more value for less money. This new capital will allow us to continue our growth across the country, providing better insurance to more customers.”

With the close of the round, the company has raised a total of $329m in funding. The company previously raised $50m in January 2020 from backers including OMERS Ventures.

The company had strong growth in 2020, including its expansion into Arizona, California, Georgia, Illinois, Indiana, Louisiana, Maryland, Missouri, Nebraska, Ohio, Oklahoma, Pennsylvania, Texas, Utah, and Wisconsin.

It also named Norman Smagley as its new chief financial officer and Vandana Venkat as its chief insurance officer.

Financial Technology Partners served as the exclusive advisor to Clearcover for the investment.

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