CoverGo, a global enterprise no-code SAAS insurance platform, secured $15 million in Series A funding led by California-based SemperVirens VC with participation from U.S. venture capital firms SixThirty, Tribeca Early Stage Partners and Fresco Capital.
Strategic investors include pan-African insurance group Old Mutual, Asia-based insurance group Asia Financial Holdings, U.S.-based XN Worldwide Insurance—part of the Henner Group—and Middle East and African insurance fund Noria Capital. Existing InsurTech investors also participated in the oversubscribed round. Caribou Honig, general partner of SemperVirens, founder of InsureTech Connect, will also be taking a board observer seat as part of the investment.
CoverGo is 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, U.S., Canada, Latin America, Middle East and other markets across the globe. The new investment will help accelerate CoverGo’s international expansion, develop its partner network with consulting companies, and grow the sales and engineering teams in the U.S. and Asia-Pacific, according to a company press release.
“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. 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,” said CoverGo CEO and Founder Tomas Holub in the release. “The new funding and unique mix of strategic insurance investors will help accelerate adoption of CoverGo by insurance companies globally.”