CoverTree, a US-based insurtech company focused on manufactured home insurance, has raised $13m in its Series A funding round.
The investment was led by Portage and includes contributions from AV8, Distributed Ventures, Detroit Venture Partners, Ludlow Ventures and Annox Capital, among others.
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This brings CoverTree’s total funding to date to $23m.
Citing a report, the insurtech company said that more than 22 million Americans reside in manufactured homes, with 11% of 2022’s new single-family homes being manufactured.
The proceeds will be used by CoverTree to enhance its enterprise suite, including the launch of Maple, Bonsai and Sequoia.
Maple is a resident insurance management tool for property managers, Bonsai is a platform for binding and underwriting for independent agents and lenders, and Sequoia is an automated system for quoting and underwriting insurance books.
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By GlobalDataCoverTree will also use the proceeds to support product development, scale operations and hiring.
Portage co-founder and CEO Adam Felesky said: “CoverTree’s focused approach on manufactured home insurance aligns with our strategy of investing in companies that leverage technology to disrupt and enhance existing large niche markets.
“With a growing market and the need for affordable housing greater than ever, we are confident in CoverTree’s ability to drive positive change in the insurance landscape and are excited to support their journey.”
CoverTree co-founder and CEO Adarsh Rachmale said: “With the continually changing homeownership industry, we are excited to continue expanding our services to the growing manufactured housing industry: we believe this is the future of how all Americans will live.
“This investment is a testament to the value we bring to homeowners by redefining the insurance experience. With these funds, we will continue to innovate, expand our reach, and ultimately provide even more individuals with peace of mind through our high tech and accurate home insurance solutions.”
Currently, CoverTree’s insurance product is available in 14 US states including Arizona and Texas.
The company raised $10m in seed funding in September 2022 and launched its digital manufactured home insurance.
