Coverdash, an insurtech company focused on SMEs, has raised $13.5m in a Series A funding round.
Nyca Partners led the round, which also saw the participation of current investors such as Bling Capital, AXIS Digital Ventures, Tokio Marine Future Fund, Expansion VC and Cameron Ventures, among others.
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This investment will enable the company to enhance its embedded partner network, widen its insurance carrier panel and expand its headcount.
With the latest infusion, Coverdash’s total funding has reached $16m since its establishment in 2022.
Nyca partner Stephanie Khoo said: “Coverdash’s embedded model drives best-in-class unit economics, rejecting reliance on paid acquisition strategies, creating tremendous organic growth and momentum.
“Giving SMB service providers – payroll, payments, lending, website creation, HR, etc – the ability to offer their customers seamless access to business insurance allows them to deepen their client relationships while adding a heretofore untapped revenue stream.”
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By GlobalDataCoverdash offers a range of commercial insurance products to start-ups and SMEs throughout the US.
These products include cyber insurance, professional liability, workers’ compensation, business owners coverage, directors and officers liability, and general liability.
Its embedded technology permits partners from diverse industries to offer insurance to their customers with a single line of code.
This technology is said to consolidate the necessary operational, compliance and financial components, enabling partners to provide customisable insurance solutions within their own user interfaces.
In January 2023, the company concluded its seed funding round and commenced operations in the US.
In less than a year, Coverdash claims to have outperformed its competitors by establishing more than 100 embedded distribution partnerships.
The company’s partner network comprises a variety of service providers that interact with businesses, including top payroll providers, point-of-sale providers, banks, lenders and vertical software-as-a-service platforms.
Coverdash co-founder and CEO Ralph Betesh said: “We are not just making insurance accessible and straightforward for business owners nationwide, we are acting as their virtual risk management arm.
“Coverdash goes beyond coverage – we offer start-ups and SMBs [small and medium-sized businesses] the support they need, especially in today’s challenging landscape when navigating the complexities of insurance has never been more vital.”
