Styles itself as a leader of Insurtech 2.0
Online business insurance platform Coverdash is making a splash. The company, which announced the closing of an oversubscribed seed funding round (according to online reports $2.5 million) has announced its official launch into all 50 states.
“Insurtech 2.0 is here, making the next phase of the embedded fintech revolution,” said Ralph Betesh, co-founder and CEO of Coverdash, “We have created a frictionless transactional experience that is unseen within the insurance landscape. Our mission is to empower partners with these capabilities and help finally make insurance accessible and simple for business owners across the nation.”
Based in New York City, Coverdash says it simplifies the process of buying and managing business insurance for e-commerce merchants, gig workers, and all other types of businessowners through its digital insurance experience. This experience, offering a broad range of commercial insurance products, enables businessowners to quote, bind, pay for, and actively manage insurance policies in a matter of seconds. Through relationships with many of the world’s most recognized insurers, Coverdash provides the coverages growing businesses need at the most affordable rates.
Additionally, the company’s embedded technology enables partners to easily offer insurance to existing customers with a single line of code. Integration is straightforward, requiring no extensive engineering resources or implementation. Coverdash’s network of embedded partners include leading online market places, service providers, PEOs, lenders, brokers, and various other platforms who serve or transact with businesses nationwide.
“The development and adoption of commercial insurance APIs within the insurtech industry has reached a tipping point, enabling innovative companies with the opportunity to drive true growth and transformation,” said Ben Ling, founder and general partner at Bling Capital. “We view Coverdash as the future of business insurance and embedded distribution. We’re excited to stand alongside the team and support them as they move forward on this journey.”
Who’s investing in Coverdash?
Coverdash’s funding round was led by Bling Capital, with participation from other notable investors, including AXIS Digital Ventures, Tokio Marine Future Fund (in affiliation with World Innovation Lab), Expansion VC, and Cameron Ventures. Multiple strategic angel investors also contributed to the round, including Greg Hendrick, CEO of Vantage Risk; Garret Koehn, president of CRC Insurance; and Steve Shenfeld, president of MidOcean Partners.
This funding round will contribute to Coverdash’s ongoing expansion and development through increased product innovation, go-to-market initiatives, and strategic hiring.