Embedded Business Insurance Agency Coverdash Raises $13.5 Million

February 29, 2024

Coverdash, which offers embedded commercial insurance technology with products for startups and small-to-medium businesses, announced $13.5 million in Series A funding.

Coverdash’s technology package gives businesses such as payroll, payment, lending, human relations and website creators the ability to offer their startup and small-to-medium business customers access to commercial insurance products with a single line of code. The technology packages the operational, compliance and financial elements to allow these service firms to offer insurance within their own front-end environments.

The company is headquartered in New York and is a licensed insurance agency in all 50 states. Its primary products are general liability, business owners policy, workers’ compensation, directors and officers liability, cyber insurance and professional liability.

The firm said it has signed more than 100 embedded partnerships in its first year.

The company claims its technology, combined with real agents who get involved in the service, allows its customers to “deepen their client relationships while adding a heretofore untapped revenue stream.”

This latest financing comes within one calendar year of Coverdash’s seed round, bringing the company’s total funding to $16 million since its launch in 2022.

The Series A round was led by Nyca Partners, joining existing investors including Bling Capital, AXIS Digital Ventures, Tokio Marine Future Fund, Expansion VC, Cameron Ventures and others.

The announcement said Coverdash will use the latest financing to further expand its embedded partner network, grow its internal team and broaden its insurance carrier panel.

Topics Commercial Lines Business Insurance Funding

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