CoverGo, a no-code SaaS insurance platform, has closed its Series A funding round on $15m, as it eyes international growth.
The round was led by California-based SemperVirens VC, with contributions coming from SixThirty, Tribeca Early Stage Partners and Fresco Capital.
Pan-African insurance group Old Mutual, Asia-based insurance group Asia Financial Holdings, US-based XN Worldwide Insurance and Middle East and African insurance fund Noria Capital joined the round as strategic investors.
With the funds, the company plans to hire more sales and engineering staff for its Us and Asia Pacific teams. Additionally, CoverGo plans to expand internationally and bolster its partner network.
CoverGo claims to be the insurance industry’s first out-of-the-box modular, no-code insurance platform. It helps streamline an insurance ecosystem from end-to-end with fully configurable API-driven insurance services. It supports health, life and P&C insurance.
It works with major insurers, including AXA, MSIG, Dai-ichi Life and Bank of China Group Insurance. The company claims to have increased its annual recurring revenue by ten-times since January 2021.
CoverGo CEO and founder Tomas Holub said, “Insurance companies realize now more than ever that custom IT development is too slow and costly while off-the-shelf software packages can’t satisfy changing product requirements and customer needs.
“This is why we see fast growing demand worldwide for a truly configurable no-code platform allowing companies to be agile and stay relevant in the changing world.”
As part of the deal, SemperVirens general partner Caribou Honig has joined the company as a board observer.
Honig said, “There are only a handful of technologies that are significantly transforming the insurance industry, and no-code is clearly on the short list. As carriers lean into enabling innovation, CoverGo is uniquely positioned to accelerate their digital transformation and drive efficiencies across the insurance value chain.”
Last year, US-based travel and global health insurance provider Insured Nomads teamed up with CoverGo to streamline and digitise its health and travel insurance business.
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