NEW YORK, Nov 17, 2016 /PRNewswire/ -- CoverWallet, the easiest way to understand, buy and manage insurance for your business, announced today it received $7.8 million in funding in a Series A round led by Union Square Ventures. The startup has raised $9.5MM to date. CoverWallet, launched in 2016, provides a concierge-like service that reinvents how small businesses deal with the complex intricacies of commercial insurance.
Also participating in the Series A were Index Ventures, and previous investors Highland Capital Partners, Two Sigma Ventures and Founder Collective. As part of the round, John Buttrick from Union Square Ventures joined the board of directors. John Buttrick has previously led investments in startups reinventing other financial services industries, such as Lending Club, SigFig, RealtyShares, and C2FO. The company is also announcing today that Jim Ermilio, previously CEO of online auto insurance company Goji and Executive Vice President at Commerce Insurance, has joined as President of Insurance. "We are very excited to welcome Union Square Ventures, Index Ventures and executives who have a proven track record in building online brands that reinvent entire markets", said Inaki Berenguer, CEO of CoverWallet. "Buying and managing insurance feels analog and painful. With CoverWallet, we are building a customer-centric online product that is both beautiful and intuitive. We are reinventing how small businesses get insurance, saving time and money." "The $100B US small business insurance market is on the verge of a big paradigm shift. Business owners expect to deal with insurance online, in the same way they use consumer friendly online technologies to deal with banking, payroll, accounting or sales", said Rashmi Melgiri, COO of the company. CoverWallet's online platform currently helps clients manage commercial insurance policies including, among others, general liability, commercial property, workers compensation, directors and officers, professional liability, errors and omissions, and cyber liability coverages. The platform provides a better customer experience linked with online servicing options. CoverWallet has already established strategic partnerships with leading national insurance carriers, and is preparing to announce major new products in the coming months.