Coverdash, the fastest growing startup and SMB focused-insurtech, announced $13.5M in Series A funding. This financing comes within one calendar year of Coverdash’s oversubscribed Seed round, bringing the company’s total funding to $16M to date. The Series A round was led by Nyca Partners, joining existing investors including Bling Capital, AXIS Digital Ventures, Tokio Marine Future Fund, Expansion VC, Cameron Ventures and others. The latest financing will be used to further expand Coverdash’s embedded partner network, grow its internal team and broaden its insurance carrier panel.
Founded in 2022, Coverdash offers a full suite of commercial insurance products for all startups and SMBs across the U.S., allowing them to purchase business insurance within seconds from the places they trust most. Coverdash’s embedded technology enables partners from any industry to easily offer insurance to existing customers with a single line of code. The technology packages the necessary operational, compliance and financial elements to allow partners to deliver highly configurable insurance solutions within their own front-end environments. Within its first year of operations, Coverdash has surpassed its competitors by securing over 100 embedded distribution partnerships.
A staggering 75% of businesses in the U.S. are severely underinsured and 43% of small businesses are completely uninsured, exposing them to financial and legal risks. Coverdash is stepping in to better serve startups and SMBs in a landscape where major insurance providers have de-emphasized the importance of coverage for these businesses. Coverdash’s primary products are general liability, business owners policy, workers compensation, directors and officers liability, cyber insurance and professional liability. As the leading embedded insurance agency, Coverdash has the largest panel of trusted insurance carrier relationships, enabling customers to save 30-40% on business insurance costs.
“We’re not just making insurance accessible and straightforward for business owners nationwide, we’re acting as their virtual risk management arm,” said Ralph Betesh, Co-Founder and CEO of Coverdash. “Coverdash goes beyond coverage – we offer startups and SMBs the support they need, especially in today’s challenging landscape when navigating the complexities of insurance has never been more vital. Coverdash is dedicated to empowering both our partners and our customers with these capabilities.”
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