Insurtech firm CoverGo announced it has secured US$15 million in a Series A funding round.

The fundraise was led by California-based SemperVirens VC with participation from US venture capital firms SixThirty, Tribeca Early Stage Partners and Fresco Capital.

Strategic investors include pan-African insurance group Old Mutual, Asia-based insurance group Asia Financial Holdings, US-based XN Worldwide Insurance (part of the Henner Group) and Middle East and African insurance fund Noria Capital.

According to CoverGo, existing insurtech investors also participated in the oversubscribed round.

The new investment will help accelerate CoverGo’s international expansion, develop its partner network with consulting companies as well as grow the sales and engineering teams in the US and Asia Pacific.

Caribou Honig, the General Partner of SemperVirens, also the founder of InsureTech Connect conference series, will also be taking a board observer seat as part of the investment.

A growing number of P&C, health and life insurance companies and emerging insurtech companies have adopted CoverGo’s platform to build and launch all types of insurance products within days, develop omni-channel distribution, streamline policy admin and automate claims processes.

As a result, CoverGo reported that its annual recurring revenue grew more than 10x since January 2021.

“As carriers lean into enabling innovation, CoverGo is uniquely positioned to accelerate their digital transformation and drive efficiencies across the insurance value chain.

 

CoverGo’s next-generation platform is providing carriers an unbeatable mix of speed to market, cost savings, and security to succeed both now and in the future. We are excited to support CoverGo on its growth journey and expansion in the US market.”

said Caribou Honig.

“Insurance companies realize now more than ever that custom IT development is too slow and costly while off-the-shelf software packages can’t satisfy changing product requirements and customer needs.

 

This is why we see fast growing demand worldwide for a truly configurable no-code platform allowing companies to be agile and stay relevant in the changing world. The new funding and unique mix of strategic insurance investors will help accelerate adoption of CoverGo by insurance companies globally.”

said Tomas Holub, CEO and Founder of CoverGo.

Featured image edited based on photo by Meriç Dağlı via Unsplash