# CoverTree

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

- Industry: Insurance
- Headquarters: Detroit, US
- Website: www.covertree.com
- Total disclosed funding: $23M
- Latest round: Series A (May 9, 2024)
- Investors on record: 6

## About

Based in Detroit, US, founded in 2020 by CEO Adarsh Rachmale, CTO Divyansh Sharma, and Rishie Modi, CoverTree Inc., a.k.a. CoverTree operates as an insurtech company that focuses on bringing digital distribution, data-driven pricing, automated underwriting to specialty personal lines of insurance within the manufactured home insurance segment. In September 2022, CoverTree raised USD 10 million in seed funding co-led by AV8 Ventures and Distributed Ventures with participation from Detroit Venture Partners, Ludlow Ventures, and Annox Capital.

The company provides a digital platform that allows individuals to search for quotes and apply online to insure their manufactured homes, modular homes, tiny homes, ADUs, park models, and stationary travel trailers. CoverTree also allows individuals to file a claim against their manufactured home insurance via its digital platform.

CoverTree plans to use its proceeds from September 2022 funding to grow its team, product line, and state, as well as expand its technology, which includes distribution portals and further automated underwriting, and invest in its partners.

## Funding rounds

- Series A, May 9, 2024, $13M — Ludlow Ventures, Detroit Venture Partners, Annox Capital, Portage Ventures, AV8 Ventures, Distributed Ventures
- Seed, Sep 19, 2022, $10M — Ludlow Ventures, Detroit Venture Partners, Annox Capital, AV8 Ventures, Distributed Ventures

## Investors

- Ludlow Ventures (https://capitalatlas.ai/funds/ludlow-ventures) — Seed, Series A
- Detroit Venture Partners (https://capitalatlas.ai/funds/detroit-venture-partners) — Seed, Series A
- Annox Capital (https://capitalatlas.ai/funds/annox-capital) — Seed, Series A
- AV8 Ventures (https://capitalatlas.ai/funds/av8-ventures) — Seed, Series A
- Distributed Ventures (https://capitalatlas.ai/funds/distributed-ventures) — Seed, Series A
- Portage Ventures (https://capitalatlas.ai/funds/portage-ventures) — Series A