CoverTree, a pioneering InsurTech firm specialising in manufactured home insurance solutions, has announced the completion of a $13m Series A funding round.
The capital injection, led by Portage, saw participation from prominent investors including AV8, Distributed Ventures, Detroit Venture Partners, Ludlow Ventures, Annox Capital, and others, taking CoverTree’s total raise $23m.
The company is committed to reshaping the home insurance sector by leveraging technology to offer modern and cost-effective insurance solutions.
The funds raised will enable CoverTree to accelerate its mission of transforming the home insurance sector. The company plans to expand its product offerings, including the launch of Maple, a resident insurance management software, Bonsai, a binding and underwriting platform, and Sequoia, an automated underwriting and quoting system.
“With the continually changing homeownership industry, we are excited to continue expanding our services to the growing manufactured housing industry: we believe this is the future of how all Americans will live,” said Adarsh Rachmale, Co-Founder and CEO of CoverTree. “This investment is a testament to the value we bring to homeowners by redefining the insurance experience. With these funds, we will continue to innovate, expand our reach, and ultimately provide even more individuals with peace of mind through our high tech and accurate home insurance solutions.”
Portage, known for its transformative investments in insurance technology, is enthusiastic about the partnership with CoverTree. Upon the completion of the investment, Portage’s Co-Founder and CEO, Adam Felesky, also joined the board.
“CoverTree’s focused approach on manufactured home insurance aligns with our strategy of investing in companies that leverage technology to disrupt and enhance existing large niche markets,” said Adam Felesky, Co-Founder and CEO at Portage. “With a growing market and the need for affordable housing greater than ever, we are confident in CoverTree’s ability to drive positive change in the insurance landscape and are excited to support their journey.”
“The next stage of growth adds a new dimension to the CoverTree technology platform with the launch of products combining Enterprise Software, underwriting, and AI. We have innovated with a unique abstraction layer integrated with our core systems that allows us to grow profitably in various distribution channels. Our distribution technology is able to reach manufactured home residents in relatively rural parts of the US without running marketing ads,” said Divyansh Sharma, CTO at CoverTree.
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