Insurtech Startup Coverdash Announces Seed Round
So far 2023 has failed to bring much good news for big technology firms. However, the year has seen some intriguing early-round FinTech funding deals. The latest of these comes from a New York-based insurtech firm that focuses on business coverage.
This week, Coverdash announced that it had closed its seed round of funding. While the amount raised was not disclosed in the press release, Bling Capital led the oversubscribed round, while AXIS Digital Ventures, Tokio Marion Future Fund, Expansion VC, Cameron Ventures, and a number of angel investors also participated. According to Coverdash, the added funds will be utilized to fuel expansion and increase product development. Additionally, the company says it will engage in “strategic hiring.”
Coverdash offers small business owners, freelancers, gig workers, and others an easier way to purchase business insurance. Among the products the company offers are liability, property, workers’ compensation, and cyber insurance policies. By working with licensed insurance agencies across all 50 states, the company says it’s able to provide coverage to businesses at affordable rates.
On top of that, the startup’s embedded technology allows partners to add insurance policy purchasing options to their platforms with just a single line of code. Currently, Coverdash counts online marketplaces, business lenders, and PEOs among their embedded tech partners.
Commenting on the startup and its aspirations, Coverdash’s co-founder and CEO Ralph Betesh said, “Insurtech 2.0 is here, marking the next phase of the embedded FinTech revolution. We have created a frictionless transactional experience that is unseen within the insurance landscape.” Betesh added, “Our mission is to empower partners with these capabilities and help finally make insurance accessible and simple for businessowners across the nation.”
Bling Capital founder and general partner Ben Ling said of his firm’s investment, “The development and adoption of commercial insurance APIs within the insurtech industry has reached a tipping point, enabling innovative companies with the opportunity to drive true growth and transformation. We view Coverdash as the future of business insurance and embedded distribution. We’re excited to stand alongside the team and support them as they move forward on this journey.”
Looking at the Coverdash platform, it’s easy to see why the startup is attracting investors. In addition to offering a seemingly easy-to-use coverage quote site, the firm’s embedded technology partnership platform gives the company tremendous potential for reaching new customers. So, with this seed round now closed, expect to see a sizable Series A from Coverdash coming up.