Business-focused insurtech Coverdash announces launch after oversubscribed seed round
Coverdash, a fully-digital business insurance startup providing simplified insurance solutions to businesses of all shapes and sizes, announced the company's official launch and the closing of an oversubscribed seed funding round.
Based in New York City, Coverdash simplifies the process of buying and managing business insurance for e-commerce merchants, gig workers, and all other types of businessowners. The company offers a broad range of commercial insurance products, including liability, property, workers' compensation, and cyber.
Coverdash's digital insurance experience enables businessowners to quote, bind, pay for, and actively manage insurance policies in a matter of seconds. Through relationships with many of the world's most recognized insurers, Coverdash provides the coverages growing businesses need at the most affordable rates.
Coverdash's embedded technology enables partners to easily offer insurance to existing customers with a single line of code. Integration is straightforward, requiring no extensive engineering resources or implementation. Coverdash's network of embedded partners includes leading online marketplaces, service providers, PEOs, lenders, brokers, and various other platforms who serve or transact with businesses nationwide.
"Insurtech 2.0 is here, marking the next phase of the embedded fintech revolution," said Ralph Betesh, co-founder and CEO of Coverdash. "We have created a frictionless transactional experience that is unseen within the insurance landscape. Our mission is to empower partners with these capablities and help finally make insurance accessible and simple for businessowners across the nation."
Coverdash's funding round was led by Bling Capital, with participation from other notable investors, including AXIS Digital Ventures, Tokio Marine Future Fund (in affiliation with World Innovation Lab), Expansion VC, and Cameron Ventures. Multiple strategic angel investors also contributed to the round, including Greg Hendrick, CEO of Vantage Risk; Garret Koehn, president of CRC Insurance; and Steve Shenfeld, president of MidOcean Partners.
"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," said Ben Ling, founder and general partner at Bling Capital. "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."
This funding round will contribute to Coverdash's ongoing expansion and development through increased product innovation, go-to-market initiatives, and strategic hiring.