Clearcover, a Chicago, IL-based smart car insurance company, raised $50m in Series C funding.
The round, which brought total funding to more than $104m since 2016 founding, was led by Omers Ventures, with participation from previous investors American Family Ventures, Cox Enterprises and IA Capital Group. In conjunction with the funding, Michael Yang, managing partner at OMERS Ventures, will join Clearcover’s board.
The company intends to use the funds to continue building the technology powering its cost efficiency and customer experiences, to accelerate growth by continuing its expansion in existing markets and launch in new states throughout the U.S., and to integrate additional distribution channels in the automotive and financial services space. The team will double its current headcount across product, engineering and data science with local and remote options.
Led by Kyle Nakatsuji, Co-Founder and CEO, Clearcover provides a smart car insurance products by leveraging a customer-first, service-focused model powered by advanced technology. In 2019, the company tripled policy sales year over year while quadrupling premium. Its products are currently available in Arizona, California, Illinois, Ohio and Utah.