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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Bilt and Point.Me Partner for Award Flight Search Integration

With several credit cards, customers can earn points that can then be transferred to various travel programs and redeemed for flights or hotel bookings. Unfortunately, finding and booking the best award travel deals isn't always as straightforward as one might assume. To assist with that, Bilt has unveiled a new integration with Point.Me that will help its rewards members search for award flights on airlines that participate in Bilt's transfer...

Zurp Raises $5 Million for Creator Experience Rewards Credit Card

A FinTech looking to marry credit card rewards with the creator economy has just closed a fresh round of funding. This week, Zurp announced that it had raised $5 million to create a "credit card for experiences." New Form, MAGIC Fund, Launchpad VC, OVO Fund, Darling Ventures, and Animal Capital all participated in the pre-seed fund along with a number of strategic investors. Zurp is a startup looking to create...

U.S. Bank to Launch Business Altitude Connect Credit Card

U.S. Bank is set to expand its small business credit card line-up. Recently, the bank announced the impending launch of the new Business Altitude Connect card. Applications for the new product are expected to open next month. In terms of rewards, Business Altitude Connect cardholders can earn 5x points on hotel and car rentals booked directly in the Rewards Center. Meanwhile, other travel purchases, such as airfare and hotel bookings, will...