TLDR: CoverTree Raises $13M in Series A Funding
Key Points:
- CoverTree, an insurtech company specializing in manufactured home insurance solutions, raised $13M in Series A funding.
- The funding round was led by Portage, with participation from other investors such as AV8, Distributed Ventures, and Detroit Venture Partners.
In a recent funding round, CoverTree, a Detroit-based insurtech company, secured $13 million in Series A funding. The funding was led by Portage, with contributions from investors such as AV8, Distributed Ventures, Detroit Venture Partners, Ludlow Ventures, and Annox Capital. The company, led by CEO Adarsh Rachmale, focuses on digital distribution, automated underwriting, and data-driven pricing for specialty personal lines of insurance, with a specific manufactured home insurance product available in several states.
Through this funding, CoverTree plans to expand its offering with the launch of Maple, a resident insurance management software for property managers, Bonsai, a binding and underwriting platform for independent agents and lenders, and Sequoia, an automated underwriting and quoting system. CEO Adarsh Rachmale expressed excitement about the investment, emphasizing the company’s commitment to redefining the insurance experience and providing peace of mind to homeowners through technology-driven solutions.
