PriyaPatel
TLDR:
- CoverTree, an InsurTech firm specializing in manufactured home insurance solutions, secures $13m in Series A funding round.
- The funding will enable CoverTree to launch new products and expand its reach in reshaping the home insurance sector.
CoverTree, a pioneering InsurTech firm specializing in manufactured home insurance solutions, has announced the completion of a $13m Series A funding round. The investment was led by Portage and saw participation from other prominent investors. CoverTree plans to use the funds to launch new products, including resident insurance management software and automated underwriting systems, to revolutionize the home insurance sector. Portage, known for its transformative investments in insurance technology, is excited about the partnership with CoverTree. With a growing market for affordable housing, CoverTree aims to drive positive change in the insurance landscape. The company’s focus on leveraging technology to disrupt and enhance existing niche markets aligns with Portage’s investment strategy. This partnership aims to support CoverTree in its mission to provide modern and cost-effective insurance solutions to homeowners. CoverTree’s innovative approach and unique distribution technology position the company to reach manufactured home residents efficiently without extensive marketing efforts. Overall, CoverTree’s Series A funding round marks a significant milestone in its journey to reshape the home insurance sector through technology-driven solutions.
