Coverdash, a pioneering InsurTech firm focused on startups and small and medium-sized businesses (SMBs), has successfully raised $13.5m in Series A funding.
This significant milestone follows an oversubscribed Seed round, elevating the company’s total investment to $16m. The round was spearheaded by Nyca Partners, with participation from previous investors such as Bling Capital, AXIS Digital Ventures, Tokio Marine Future Fund, Expansion VC, Cameron Ventures, among others.
The fresh capital will be channelled into expanding Coverdash’s embedded partner network, growing its team, and enhancing its insurance carrier panel.
Established in 2022, Coverdash revolutionizes how startups and SMBs across the U.S. access commercial insurance products. Through its embedded technology, the company enables any industry partner to offer tailored insurance solutions directly to their customers, streamlining the purchasing process to mere seconds. This innovative approach has already secured Coverdash over 100 embedded distribution partnerships, surpassing its competitors within its inaugural year.
Coverdash addresses a critical gap in the market, with research indicating that 75% of U.S. businesses are severely underinsured. The company’s mission is to mitigate this issue by providing accessible, cost-effective insurance solutions, potentially saving businesses 30-40% on insurance costs. This commitment is further exemplified through Coverdash’s innovative embedded insurance model, which facilitates seamless insurance offerings through partner platforms, enhancing customer engagement and retention.
Ralph Betesh, Co-Founder and CEO of Coverdash, emphasized the company’s role as a virtual risk management arm for businesses. “We’re not just making insurance accessible and straightforward for business owners nationwide, we’re acting as their virtual risk management arm.
“Coverdash goes beyond coverage – we offer startups and SMBs the support they need, especially in today’s challenging landscape when navigating the complexities of insurance has never been more vital. Coverdash is dedicated to empowering both our partners and our customers with these capabilities.”
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