Insurance software company GetCovered has raised $7m in Series A funding led by RET Ventures.
Updater, Pelican Ventures, and Crocker Mountain, also participated in the round. In addition to the capital investment, the round’s strategic investors also offer direct access to more than six million rental units and more than 30 million square feet of real estate.
Founded by Brandon Tobman, Dylan Gaines and Ryan Solomon in 2018, GetCovered was built with the aim of bridging the gap between the insurance and real estate sectors.
Tobman explains, “Our mission has been to become the Shopify of insurance and give the smaller property managers and insurance agencies access to the same tools the large companies have, and this capital infusion will help turn that vision into a reality.”
The GetCovered software platform is a single portal that streamlines every form of property-related insurance, providing real estate managers and their residents with renters’ insurance, master liability programmes, security deposit alternatives and other risk management products.
According to GetCovered, it enables agencies and carriers to modernise their own technology so they can sell any insurance products online at scale and administer billing and payments to compete with today’s InsurTechs. The company counts more than five hundred insurance carriers and agencies as clients.
GetCovered also recently signed a commercial agreement with Updater to help residents more efficiently sign up for the right insurance policies at the appropriate minimum requirements. As part of improving the process of moving, Updater helps its users easily enroll in key services at their new home — including utilities, internet service and insurance.
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