CoverGo's Series A funding is a testament to the rapid growth and success of the company, whose annual recurring software revenue has grown more than 10x since January 2021.
, /PRNewswire/ — CoverGo, the world's leading no-code SAAS insurance platform for enterprises, today announced that it has secured US$15 million in Series A funding, led by California-based SemperVirens VC with participation US venture capital firms SixThirty, Tribeca Early Stage Partners and Fresco Capital. Strategic investors include pan-African insurance group Old Mutual, Asian insurance group Asia Financial Holdings, American XN Worldwide Insurance (part of the Henner Group) and Middle East and Africa insurance fund Noria Capital. Existing insurtech investors also participated in this oversubscribed funding round.
Caribou Honig, General Partner of SemperVirens, also known as Godfather of Insurtech and Founder of the world's largest insurtech conference, InsureTech Connect, will also take an observer seat on the board of directors as part of this investment.
The number of property and casualty, health and life insurance companies as well as emerging insurance companies that have adopted the CoverGo platform to create and launch all types of insurance products in a few days, develop omnichannel distribution, streamlining policy administration and automating claims processes continues to grow. This has resulted in a more than 10x increase in CoverGo's recurring annual revenue since January 2021.
CoverGo already works with major insurance companies such as AXA, MSIG (MS&AD Insurance Group), Dai-ichi Life and Bank of China Group Insurance, as well as service delivery partners such as Deloitte, Accenture, IBM and Synpulse in Asia, USA, Canada, Latin America, Middle East and other markets around the world. This new investment will accelerate the international growth of CoverGo, develop a network of partners with consulting companies and strengthen the sales and engineering teams in the United States and in the Asia-Pacific region in order to respond to growing demand for the CoverGo platform.
“Only a handful of technologies are significantly transforming the insurance industry, and codeless is clearly one of them,” said Caribou Honig. As operators explore the possibility of innovation, CoverGo is uniquely positioned to accelerate their digital transformation and improve efficiency across the insurance value chain. CoverGo's next-generation platform provides operators with a unique set of speed-to-market, cost-savings, and security to succeed today and tomorrow. We are pleased to support CoverGo on its growth journey and expansion into the US market. »
“Insurance companies realize more than ever that custom software development is too slow and expensive, while off-the-shelf software cannot meet changing product requirements and customer needs. That's why we're seeing growing demand around the world for a truly configurable no-code platform that allows businesses to be flexible and stay relevant in an ever-changing world,” said Tomas Holub, CEO and Founder of CoverGo. The new funding and unique composition of strategic investors in the insurance industry will help accelerate the adoption of CoverGo by insurance companies worldwide. »
Find out why insurance companies choose CoverGo at covergo.com.
CoverGo has built the first no-code, plug-and-play modular insurance platform powered by over 500 open insurance APIs, enabling insurance companies to digitize in the most flexible, scalable and reliable way. more profitable. P&C, health, and life insurers use CoverGo to create and launch all types of insurance products in days, expand omnichannel distribution, streamline policy administration, and automate claims processes stops growing. To learn more, visit https://covergo.com.
About SemperVirens VC
SemperVirens is a US-based, ecosystem-driven investment firm focusing on companies in the workforce, healthcare and fintech markets. The company has a network of executives, industry analysts and channel partners who serve as a proprietary platform to access, analyze and amplify the most promising companies in its target sectors.