Cover Whale, a pioneering InsurTech specialising in connected insurance for commercial auto, has secured $27.5m in debt and equity from investment funds managed by Morgan Stanley Expansion Capital.
The substantial investment will bolster Cover Whale’s growth trajectory and expedite its mission to revolutionise trucking insurance while enhancing road safety across America.
The tranche alsp underscores the confidence of investors in the company’s vision and capabilities.
Founded in 2019, Cover Whale has rapidly emerged as a disruptor in the insurance landscape. The company is renowned for its innovative approach, leveraging technology to provide lightning-fast policy quotes and bound coverage to agents and their trucking clients.
Its unique business model integrates advanced telematics and real-time driver coaching, setting new standards for efficiency and safety in commercial trucking insurance.
Dan Abrahamsen, CEO of Cover Whale, expressed his enthusiasm about the investment, stating, “Cover Whale was built from the ground up to transform commercial auto insurance with technology at our core. We believe this investment from Morgan Stanley Expansion Capital will support our continuing mission to deliver the industry’s leading trucking insurance experience, building on the positive impact we’ve already made for our agents, drivers, and the general motoring public.”
Nick Nocito, Executive Director of Morgan Stanley Expansion Capital, shared his perspective on the investment, saying, “We believe Cover Whale is a rare instance where the team has built a large-scale InsurTech MGA and achieved consistent profitability while remaining capital efficient. We are looking forward to partnering with the team as they continue to grow the platform and pursue new avenues of growth.”
With a strong focus on technological innovation and operational excellence, Cover Whale is poised to drive further advancements in commercial trucking insurance.
The infusion of capital will enable the company to enhance its technology and operating platform, ultimately delivering superior service quality and fostering road safety.
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