CoverTree secures $13M to develop manufactured home insurance solutions.

May 20, 2024
1 min read







CoverTree Article Summary

TLDR:

  • CoverTree secures $13 million in Series A funding to develop manufactured home insurance solutions
  • This funding will enable the company to expand its product offerings and strengthen its market presence

CoverTree, an insurtech company specializing in manufactured home insurance solutions, recently announced the completion of a $13 million Series A funding round led by Portage, with participation from other investors. This funding brings the total amount raised by CoverTree to $23 million, allowing the company to offer affordable insurance solutions to the growing manufactured housing economy in the US.

The funds raised will be used to accelerate CoverTree’s mission of reshaping the home insurance sector by launching new products such as Maple, Bonsai, and Sequoia. With the goal of providing transparency, simplicity, and personalization for customers, CoverTree aims to set new standards in the insurtech industry.

Key quotes from the company’s Co-Founder and CEO, Adarsh Rachmale, and Portage’s Co-Founder and CEO, Adam Felesky, highlight the innovative approach and growth potential of CoverTree in the insurance landscape. The company’s Chief Technology Officer, Divyansh Sharma, emphasized the unique technology platform that will enable profitable growth in various distribution channels.

Overall, the Series A funding marks a significant moment for CoverTree, enabling it to invest in product development, scale operations, and attract top talent to continue its mission of reimagining home insurance for manufactured homes.


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