(Image source: Covr website.)
Covr Financial Technologies (Hartford), a digital life insurance platform, has completed its Series B fundraising round including new investor Stone Point Ventures, with what the company calls strong existing investor participation from Sony Innovation Fund by IVG, Aflac Ventures, Allianz Life Ventures, Connecticut Innovations, Fairview Capital, Contour Venture Partners, Commerce Ventures and Tribeca Early Stage Partners.
Covr reports that its digital insurance technology is rapidly becoming the platform of choice for financial institutions and independent agents by offering a single digital insurance journey for multiple insurance carriers and product types. Covr’s partners include some of the largest financial institutions, banks, and wealth management firms in the United States. Covr asserts that it is the only embedded insurance platform that has both an advisor-facing and DTC platform on the same technology stack. This offers Covr’s partners and their customers more options and the ability to transact business in a more efficient and customer friendly manner.
“We saw great success with this round of fundraising, and adding Stone Point Ventures to our list of investors is very exciting,” comments Michael Kalen, Covr CEO. “This fund raise will allow Covr to continue to grow and lead the way in digital insurance solutions that make the process simpler and more engaging for advisors and consumers.”
“We are thrilled to participate in this round,” says Peter Longo, Senior Managing Director, Investments, Connecticut Innovations. “We’ve watched Covr grow and expand its digital insurance offering and look forward to continued innovations in this growing space.”
Covr’s fund raise will provide growth capital to continue to build state-of-the-art digital insurance technology and support a growing number of distribution partnerships, financial advisors and insurance producers.