Clearcover, a California-based insurtech, has closed $50 million in Series C funding.
A release said that the funding round was led by OMERS Ventures, with Michael Yang, managing partner, joining Clearcover’s board. Previous investors – which include American Family Ventures, Cox Enterprises and IA Capital Group – also participated in the round.
Clearcover will use the funding to continue building the machine learning technology it utilizes to offer customized auto insurance coverage to customers. The new capital will also be used to accelerate the company’s growth in new states, as well as integrating additional distribution channels in the automotive and financial services space.
In addition to its expansion plans, Clearcover will double its current workforce across product, engineering and data science with local and remote options.
“The market is taking notice of how Clearcover is redesigning the model of running an insurance company in further service of customers. OMERS Ventures brings a wealth of resources and experience to support scaling our business, making them the ideal partner as we take on the next stage of growth,” said Clearcover co-founder and CEO Kyle Nakatsuji.
“We are excited to support Clearcover’s mission to disrupt the future of auto insurance,” commented OMERS Ventures managing partner Michael Yang, who added that Clearcover’s business strategy, technological competitive advantage, and vision to provide affordable insurance is “incredibly compelling.”