Zurich Insurance Group has acquired a minority stake in CoverWallet, a digital business insurance agency startup.
CoverWallet, which launched in 2016, said the investment builds on commercial partnership between the two companies, which was announced in February.
Financial details of Zurich’s investment were not disclosed.
The February-announced partnership helped CoverWallet’s bring its U.S. platform to Europe, enabling Zurich to provide small businesses with a platform to learn about types of policies, get quotes, purchase insurance and manage their coverage online in minutes.
The platform is currently live in Spain, and, bolstered by Zurich Insurance’s investment, CoverWallet said it will continue to grow its international footprint, expanding with Zurich to other European countries.
“Following our commercial agreement with Zurich, this investment is a testament to the value Zurich sees in CoverWallet and the work we are doing to make insurance easy and convenient for small businesses in Europe,” said Inaki Berenguer, co-founder and CEO at CoverWallet. “Zurich has been a terrific partner as CoverWallet launched internationally, and we are thrilled they decided to invest in our company.”
The CoverWallet platform provides users with real-time quoting, underwriting, binding, billing, and servicing capabilities.
The Hanover Group was the first carrier to use the tech platform in the U.S., providing it to agents for its emerging micro-small commercial business, whereas Zurich leverages CoverWallet’s B2B platform to sell its policies directly to small businesses online, explained CoverWallet in a statement.
In October 2017, the company raised $18.5 million in its Series B funding round, bringing its total amount raised to more than $30 million at that time. In addition to Zurich, CoverWallet has received funding from renowned investors including Union Square Ventures, Index Ventures, Two Sigma, Foundation Capital, and Starr Cos.
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