PriyaPatel
TLDR:
- CoverTree has secured $13 million in Series A funding to revolutionize manufactured home insurance.
- The funding round was led by Portage with participation from other investors.
Key Elements of the Article:
CoverTree, an insurtech company specializing in manufactured home insurance solutions, has successfully completed a $13 million Series A funding round led by Portage. The investment highlights the growing demand for modernized insurance products in the homeownership industry, especially in the manufactured housing sector. With over 22 million Americans living in manufactured homes, CoverTree aims to provide affordable and high-tech insurance offerings to this market. The funding will enable the company to expand its product offerings and strengthen its market presence.
The Series A funding will also support the launch of an enterprise suite including resident insurance management software for property managers, binding and underwriting platform for independent agents, and automated underwriting and quoting system for insurance book conversions. The investment will further empower CoverTree to invest in product development, scale operations, and attract top talent to continue reshaping the home insurance sector.
Portage, known for its transformative investments in insurance technology, is excited about the partnership with CoverTree. The company’s commitment to customer satisfaction and innovative use of technology have positioned it as a leading insurtech in the manufactured home insurance space. With the funding, CoverTree aims to drive positive change in the insurance landscape and provide more individuals with peace of mind through its high-tech and accurate insurance solutions.
As CoverTree enters a phase of growth, the company remains committed to delivering unparalleled value to homeowners and reshaping the future of home insurance. The company’s unique digital insurance offering for manufactured homes sets new standards for transparency, simplicity, and personalization in the industry.
