Online commercial insurance agency CoverWallet announced it has received $7.8 million in funding in a Series A round led by Union Square Ventures, bringing its total raised to date to $9.5 million.
In addition to Union Square Ventures, Index Ventures and previous investors Highland Capital Partners, Two Sigma Ventures, and Founder Collective participated in the Series A round, according to the company.
CoverWallet announced seed funding of $2 million in March.
CoverWallet also announced that Jim Ermilio has joined as president of Insurance. Ermilio previously was CEO of Boston-based online auto insurance company Goji and executive vice president at Commerce Insurance in Massachusetts, which is now owned by Mapfre.
Launched in early 2016, CoverWallet provides a concierge-like service for small businesses, giving them access to quotes, advice and policy management tools online or over the phone. It offers general liability, commercial property, workers’ compensation, directors and officers, professional liability, errors and omissions, and cyber liability coverages.
Its carrier partners include Liberty Mutual, CNA, Starr, Hamilton, Markel, Employers, Travelers and Atlas.
“Buying and managing insurance feels analog and painful. With CoverWallet, we are building a customer-centric online product that is both beautiful and intuitive. We are reinventing how small businesses get insurance, saving time and money,” Inaki Berenguer, CEO of CoverWallet.
“The $100 billion U.S. small business insurance market is on the verge of a big paradigm shift. Business owners expect to deal with insurance online, in the same way they use consumer friendly online technologies to deal with banking, payroll, accounting or sales,” said Rashmi Melgiri, chief operating officer and co-founder of the company.
CoverWallet said it will be adding more products in the coming months.
CoverWallet also announced that John Buttrick of Union Square Ventures has been added to the board. Union Square’s current portfolio includes meetup, kickstarter, soundcloud and funding circle; startups it has exited include lending club, etsy, zynga, tumblr and twitter.
Two Sigma is also involved with a new small commercial insurance online venture with Hamilton Insurance and American International Group (AIG).