Clearcover, a Chicago, IL-based car insurance provider, raised $11.5M in its initial funding round.
The round was led by Lightbank, with participation from Greycroft Partners, 500 Startups, Silicon Valley Bank, and other insurance and fintech investors.
The company intends to use the funds to scale up partnerships and launch their first product line, car insurance, later this year.
Led by Kyle Nakatsuji, CEO, Clearcover leverages a data-driven platform to integrate cover with the time when it matters and applies technology to improve efficiency to help customers save on car insurance.
The company has built an API-based insurance platform that offers customers a streamlined way to purchase car insurance in a variety of high-relevance moments at way lower prices.
Clearcover will be available for purchase via partners and directly on their website.