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Funding
CoverTree raises USD 13 million in Series A funding for product expansion
InsurTech: Personal Lines
May 9, 2024
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InsurTech: Personal Lines

InsurTech: Personal Lines

May 9, 2024

CoverTree raises USD 13 million in Series A funding for product expansion

Funding

  • CoverTree, a provider of digital insurance for manufactured homes, has raised USD 13 million in a Series A funding round led by Portage. Participation came from AV8, Distributed Ventures, Detroit Venture Partners, Ludlow Ventures, and Annox Capital, among others. The firm's total capital raised to date stands at USD 23 million.

  • The raised funds will fuel CoverTree's mission to revolutionize home insurance. This includes expanding its enterprise suite, which features Maple, 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 for insurance book conversions.

  • Analyst QuickTake : CoverTree previously raised USD 10 million in seed funding in September 2022. The funds were utilized for recruitment, geographic expansion, and product development in areas such as distribution portals and automated underwriting and for investment in major partners.

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