# Coverd

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/coverd

- Industry: Insurance
- Headquarters: Sevres, France
- Website: www.coverd.co
- Total disclosed funding: $1.1M
- Latest round: Seed (Jun 12, 2020)
- Investors on record: 1

## About

Coverd SAS is an innovative insurance provider specializing in comprehensive coverage for electronic products, including bicycles, smartphones, and electric scooters, ensuring protection against theft and damage.Founded in 2019 in Sevres, France, Coverd SAS offers insurance solutions for electronic devices. The company was established by Hugo Saias, Julien Gelot, and Nicolas Schwartz. In June 2020, Coverd raised EUR 996,895.90 in Seed funding from Newfund Management, which valued the company at EUR 5.29 million post-money. Coverd has completed one deal to date with its most recent funding achieved in June 2020.Coverd specializes in providing comprehensive insurance solutions for electronic products, notably focusing on bicycles, electric scooters, smartphones, and more. The company's core offerings include protection against risks such as theft and damage for both new and refurbished devices. This service is accessible entirely online, allowing customers to secure insurance at the point of purchase and beyond, thereby addressing a critical need for consumers who rely on these technologies for daily use. Coverd ensures that claims are processed efficiently, with a commitment to approve claims within 24 hours and reimburse expenses promptly after validation. The primary customer base encompasses individual consumers and businesses within France and Spain, positioning Coverd to cater to a growing demand for reliable high-tech insurance solutions.Coverd generates revenue primarily through direct-to-consumer insurance subscriptions for its various electronic product offerings. Customers can select specific plans tailored to individual electronics, encompassing flagship services that provide robust coverage against loss and damage. The transactions typically involve customers paying a recurring premium for their coverage, which secures their devices under the terms specified in the insurance policy. Additionally, the company's partnerships with retailers and service points facilitate the processing of claims and repairs, enhancing customer experience while maintaining their warranty protections. Pricing structures for these insurance plans are designed to be competitive within the market, appealing to both individual consumers and businesses looking for reliable coverage for their electronic devices.Coverd has plans to expand its product offerings and enhance its insurance solutions. The recent Seed funding round, raised in June 2020, amounting to EUR 996,895.90, will be utilized to support these initiatives. Although specific new products or launch dates have not been disclosed, the company aims to penetrate additional markets, particularly in other European regions, by 2022, thereby increasing its customer base and market presence.

## Funding rounds

- Seed, Jun 12, 2020, $1.1M — Newfund

## Investors

- Newfund (https://capitalatlas.ai/funds/newfund) — Seed