CoverGo, the leading global enterprise no-code SAAS insurance platform, announced it has secured $15 million in Series A funding 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. Existing insurtech investors also participated in the oversubscribed round.
Caribou Honig, general partner of SemperVirens, also known as the Godfather of Insurtech and founder of the world’s largest insurtech conference InsureTech Connect, 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’s annual recurring revenue grew more than 10x since January 2021.
CoverGo is already working with major insurance companies such as AXA, MSIG (MS&AD Insurance Group), Dai-ichi Life and Bank of China Group Insurance, and delivery partners such as Deloitte, Accenture, IBM and Synpulse in Asia, US, Canada, Latin America, Middle East and other markets across the globe. The new investment will help accelerate CoverGo’s international expansion, develop its partner network with consulting companies and grow the sales and engineering teams in the US and Asia-Pacific to meet the increasing demand for the CoverGo platform.
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“There are only a handful of technologies that are significantly transforming the insurance industry, and no-code is clearly on the short list,” said Caribou Honig. “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.”
“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,” said Tomas Holub, CEO and Founder of CoverGo. “The new funding and unique mix of strategic insurance investors will help accelerate adoption of CoverGo by insurance companies globally.”