(Image source: CoverGo homepage.)
CoverGo, an enterprise no-code SAAS insurance platform, announced that it has secured $15 million in Series A funding led by California-based SemperVirens VC (San Mateo, Calif.) with participation from U.S. venture capital firms SixThirty (St. Louis), Tribeca Early Stage Partners (New York) and Fresco Capital (San Francisco). Strategic investors include pan-African insurance group Old Mutual (Johannesburg), Asia-based insurance group Asia Financial Holdings(Hong Kong), U.S.-based XN Worldwide Insurance (Boca Raton, Fla.; part of Paris-based Henner Group) and Middle East and African insurance fund Noria Capital . Existing InsurTech investors also participated in the oversubscribed round. Prominent InsurTech figure Caribou Honig, co-founder of the InsureTech Connect event and general partner of SemperVirens, will be taking a board observer seat as part of the investment.
A statement on the funding round notes that growing number of P&C, health and life insurance companies and emerging InsurTech companies have adopted CoverGo’s platform to build and launch all types of insurance products within days, develop omni-channel distribution, streamline policy admin and automate claims processes. As a result, the statement asserts, CoverGo’s annual recurring revenue grew more than 10x since January 2021.
CoverGo reports that it is already working with major insurance companies such as AXA, MSIG (MS&AD Insurance Group), Dai-ichi Life and Bank of China Group Insurance, and delivery partners such as Deloitte, Accenture, IBM and Synpulse in Asia, US, Canada, Latin America, Middle East and other markets across the globe. CoverGo says the new investment will help accelerate its international expansion, develop its partner network with consulting companies and grow the sales and engineering teams in the US and Asia-Pacific to meet the increasing demand for the CoverGo platform.
“There are only a handful of technologies that are significantly transforming the insurance industry, and no-code is clearly on the short list,” comments Honig. “As carriers lean into enabling innovation, CoverGo is uniquely positioned to accelerate their digital transformation and drive efficiencies across the insurance value chain. CoverGo’s next-generation platform is providing carriers an unbeatable mix of speed to market, cost savings, and security to succeed both now and in the future. We are excited to support CoverGo on its growth journey and expansion in the U.S. market.”
Alternative to Custom Dev and Packaged Software
“Insurance companies realize now more than ever that custom IT development is too slow and costly while off-the-shelf software packages can’t satisfy changing product requirements and customer needs,” says Tomas Holub, CEO and Founder, CoverGo. “This is why we see fast growing demand worldwide for a truly configurable no-code platform allowing companies to be agile and stay relevant in the changing world. The new funding and unique mix of strategic insurance investors will help accelerate adoption of CoverGo by insurance companies globally.”