CoverGo’s Collection A highlights the corporate’s speedy progress and success, with annual recurring software program income growing greater than 10x since January 2021.
NEW YORK and SINGAPORE, Could 11, 2022 /PRNewswire/ — CoverGo, the main world enterprise no-code SAAS insurance coverage platform, at present introduced it has secured $15 million in Collection A funding led by California-based SemperVirens VC with participation from US enterprise capital corporations SixThirty, Tribeca Early Stage Companions and Fresco Capital. Strategic traders embrace pan-African insurance coverage group Outdated Mutual, Asia-based insurance coverage group Asia Monetary Holdings, US-based XN Worldwide Insurance coverage (a part of the Henner Group) and Center East and African insurance coverage fund Noria Capital. Current insurtech traders additionally participated within the oversubscribed spherical.
Caribou Honig, normal companion of SemperVirens, also called the Godfather of Insurtech and founding father of the world’s largest insurtech convention InsureTech Join, may even be taking a board observer seat as a part of the funding.
A rising variety of P&C, well being and life insurance coverage firms and rising insurtech firms have adopted CoverGo’s platform to construct and launch all varieties of insurance coverage merchandise inside days, develop omni-channel distribution, streamline coverage admin and automate claims processes. Consequently, CoverGo’s annual recurring income grew greater than 10x since January 2021.
CoverGo is already working with main insurance coverage firms corresponding to AXA, MSIG (MS&AD Insurance coverage Group), Dai-ichi Life and Financial institution of China Group Insurance coverage, and supply companions corresponding to Deloitte, Accenture, IBM and Synpulse in Asia, US, Canada, Latin America, Center East and different markets throughout the globe. The brand new funding will assist speed up CoverGo’s worldwide enlargement, develop its companion community with consulting firms and develop the gross sales and engineering groups within the US and Asia-Pacific to fulfill the growing demand for the CoverGo platform.
“There are solely a handful of applied sciences which might be considerably reworking the insurance coverage business, and no-code is clearly on the brief record,” mentioned Caribou Honig. “As carriers lean into enabling innovation, CoverGo is uniquely positioned to speed up their digital transformation and drive efficiencies throughout the insurance coverage worth chain. CoverGo’s next-generation platform is offering carriers an unbeatable mixture of pace to market, value financial savings, and safety to succeed each now and sooner or later. We’re excited to help CoverGo on its progress journey and enlargement within the US market.”
“Insurance coverage firms notice now greater than ever that customized IT growth is simply too gradual and expensive whereas off-the-shelf software program packages can’t fulfill altering product necessities and buyer wants. This is the reason we see quick rising demand worldwide for a really configurable no-code platform permitting firms to be agile and keep related within the altering world,” mentioned Tomas Holub, CEO and Founding father of CoverGo. “The brand new funding and distinctive mixture of strategic insurance coverage traders will assist speed up adoption of CoverGo by insurance coverage firms globally.”
Study extra about why insurance coverage firms are selecting CoverGo at covergo.com.
About CoverGo
CoverGo has developed the insurance coverage business’s first out-of-the-box, modular, no-code insurance coverage platform powered by over 500 open insurance coverage APIs enabling insurance coverage firms to rework digitally in probably the most versatile, scalable and cost-effective means. P&C, well being and life insurance coverage firms use CoverGo to construct and launch all varieties of insurance coverage merchandise inside days, develop omni-channel distribution, streamline coverage admin and automate claims processes. To be taught extra, go to https://covergo.com.
About SemperVirens VC
SemperVirens is a number one US-based ecosystem-driven funding agency targeted on firms within the workforce, healthcare, and monetary know-how markets. The agency has a community of executives, business analysts, and distribution companions that function a proprietary platform for accessing, analyzing, and amplifying probably the most promising firms in its goal sectors.
Media Contact
Julien Hauss
E mail: hiya@covergo.com
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