PriyaPatel
TLDR:
- CoverTree secures $13 million in Series A funding led by Portage and other investors.
- They aim to revolutionize manufactured home insurance and provide affordable solutions to the growing market.
Key Elements:
CoverTree, a cutting-edge insurtech company specializing in manufactured home insurance solutions, has secured $13 million in Series A funding. The round was led by Portage and included participation from investors such as AV8, Distributed Ventures, Detroit Venture Partners, Ludlow Ventures, and Annox Capital, among others.
The company has raised a total of $23 million to provide affordable insurance solutions to the growing manufactured housing economy. With over 22 million Americans living in manufactured homes in the US, CoverTree aims to address the demand for modernized insurance products in the homeownership industry.
The funds raised will empower CoverTree to accelerate its mission of reshaping the home insurance sector and launching new enterprise suites, including 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 for insurance book conversions.
As the first digital insurance offering for manufactured homes, CoverTree is committed to customer satisfaction and aims to set new standards for transparency, simplicity, and personalization in this category. The Series A funding will enable the company to invest in product development, scale operations, and attract top talent as they continue their mission of reimagining home insurance.
