CoverGo, a no-code SaaS insurance platform, has announced it has secured $15 million in Series A funding. The funding round was led by California-based SemperVirens VC, with participation from US venture capital firms SixThirty, Tribeca Early Stage Partners and Fresco Capital.
Strategic investors included pan-African insurance group Old Mutual, Asia-based insurance group Asia Financial Holdings, US-based XB Worldwide Insurance, and Middle East and Africa insurance fund Noria Capital. Existing insurtech investors also participated in the funding round.
Caribou Honig, general partner of SemperVirens and founder of InsureTech Connect, the world’s largest insurtech conference, will take a board observer seat as part of the investment, CoverGo said.
A growing number of property-casualty, health and life insurance companies and insurtechs have adopted CoverGo’s platform to build and launch all types of insurance products within days, develop omni-channel distribution, streamline policy administration, and automate claims processes, the company said. As a result, CoverGo’s annual recurring revenue has grown more than tenfold since January 2021.
The new investment will help accelerate the company’s international expansion, develop its partner network with consulting companies, and grow its sales and engineering teams in the US and Asia-Pacific.
“There are only a handful of technologies that are significantly transforming the insurance industry, and no-code is clearly on the shortlist,” Honig said. “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,” said Tomas Holub, founder and CEO of CoverGo. “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.”