# Cover Financial

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/cover-financial

- Industry: Insurance
- Headquarters: San Francisco, US
- Website: www.cover.com
- Total disclosed funding: $27M
- Latest round: Series B (Oct 2, 2018)
- Investors on record: 12

## About

Cover Financial, Inc. is a US-based company that specializes in automating the insurance process, providing digital insurance solutions to simplify obtaining quotes and purchasing policies for end-users.Cover Financial, Inc. was founded in 2016 and is headquartered in San Francisco, US. The company operates in the digital insurance market, focusing on automating the insurance quote and policy purchase process. The founders include Ben Aneesh, Brian Paul, Evelina Pettersson, Felix Chen, Joshua Zhu, Karn Saroya, Kevin Shu, and Tomy Kovalis. The company's latest funding round was a Series B, raising USD 16.00 mn on October 2, 2018, led by Tribe Capital, with participation from Samsung Electronics, EXOR, Social Capital, Y Combinator. The company has a total amount raised of USD 16.00 mn with a current valuation of USD 80.03 mn.Cover.com specializes in providing comprehensive digital insurance solutions, focusing on automating the process of obtaining insurance quotes and facilitating policy purchases for end-users. The platform aggregates various insurance products, enabling customers to compare options tailored to their specific needs. Cover.com serves individual consumers, small business owners, and larger enterprises looking for insurance solutions, primarily in North America, with plans for international expansion in the future.Cover.com generates revenue through a commission-based structure tied to insurance policies sold via its platform. The company earns a percentage of the premium from each insurance provider when clients use the service to obtain quotes and purchase policies. Partnerships with insurance carriers further enhance product offerings and market presence, providing various options for customers while supporting company growth.Cover Financial, Inc. plans to leverage its recent Series B funding of USD 16.00 mn to support the development of new digital insurance products and expand its market reach. The company aims to enter additional international markets by the end of 2022, capitalizing on the increasing demand for digital insurance solutions. Recent funding will be utilized for product development and strategic marketing efforts to facilitate this expansion.

## Funding rounds

- Series B, Oct 2, 2018, $16M — EXOR, Y Combinator, Social Capital, Samsung Electronics, Tribe Capital
- Series A, Jul 13, 2017, $8M — Social Capital
- Seed, Mar 22, 2016, $3M — Shasta Ventures, Sherpa Capital, Tencent Investment, SV Angel, Y Combinator, Social Capital, Sound Ventures, Vy Capital, UpHonest Capital

## Investors

- Shasta Ventures (https://capitalatlas.ai/funds/shasta-ventures) — Seed
- Sherpa Capital (https://capitalatlas.ai/funds/sherpa-capital) — Seed
- Tencent Investment — Seed
- SV Angel (https://capitalatlas.ai/funds/sv-angel) — Seed
- Y Combinator (https://capitalatlas.ai/funds/y-combinator) — Seed, Series B
- Social Capital (https://capitalatlas.ai/funds/social-capital) — Seed, Series A, Series B
- Sound Ventures (https://capitalatlas.ai/funds/sound-ventures) — Seed
- Vy Capital (https://capitalatlas.ai/funds/vy-capital) — Seed
- UpHonest Capital (https://capitalatlas.ai/funds/uphonest-capital) — Seed
- EXOR — Series B
- Samsung Electronics — Series B
- Tribe Capital (https://capitalatlas.ai/funds/tribe-capital) — Series B