Whale Covered: Insurance Tech Co. Secures $27.5M Funding.

June 11, 2024
1 min read




Article Summary

TLDR:

  • Cover Whale, an insurtech company specializing in commercial auto insurance, raised $27.5 million in debt and equity funding from Morgan Stanley Expansion Capital.
  • The funding will support Cover Whale’s growth and accelerate its efforts to transform trucking insurance and improve safety on roads.

Full Article:

Cover Whale Insurance Solutions recently announced a $27.5 million funding round led by investment funds managed by Morgan Stanley Expansion Capital. This funding includes a combination of debt and equity, with existing debt investors converting into Series A preferred shares. The funding will help support Cover Whale’s growth and drive its mission to revolutionize trucking insurance and enhance safety on American roads.

Cover Whale’s business model, established in 2019, focuses on providing quick policy quotes and coverage to agents and their trucking clients. The company leverages advanced telematics and real-time driver coaching to optimize road safety and financial performance in the commercial trucking insurance sector. This investment will allow Cover Whale to further enhance its technology and operational platform to streamline quote processes and improve service quality.

In a statement, CEO Dan Abrahamsen highlighted the company’s commitment to transforming commercial auto insurance through technology. He expressed optimism about the impact of the investment from Morgan Stanley Expansion Capital in driving the company’s mission forward and delivering a superior trucking insurance experience for agents, drivers, and the public.

Executive Director of Morgan Stanley Expansion Capital, Nick Nocito, emphasized Cover Whale’s unique position as a profitable and capital-efficient insurtech MGA. He expressed excitement about partnering with the company to fuel further growth and explore new opportunities for expansion.

Cover Whale’s dedication to leveraging technology-driven strategies to optimize road safety and financial performance in commercial trucking insurance makes it a standout player in the industry. With this new funding secured, the company is poised to continue its trajectory of success and innovation in the insurtech sector.


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