CoverWallet, a New York City-based platform to understand, buy and manage insurance for business, received $7.8m in Series A funding.
The round was led by Union Square Ventures with participation from Index Ventures, and previous investors Highland Capital Partners, Two Sigma Ventures and Founder Collective. In conjunction with the funding, John Buttrick from Union Square Ventures joined CoverWallet’s board of directors.
The company, which has raised $9.5MM to date, intends to use the funds to continue to expand operations and reach.
Launched in 2016 and led by Inaki Berenguer, CEO, Rashmi Melgiri, COO, and newly added President of Insurance Jim Ermilio, CoverWallet provides an online platform that currently for clients to manage commercial insurance policies including, among others, general liability, commercial property, workers compensation, directors and officers, professional liability, errors and omissions, and cyber liability coverages.
The company has already established strategic partnerships with leading national insurance carriers, and is preparing to announce major new products in the coming months.