# CoverWallet

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

- Industry: Insurance
- Headquarters: New York, US
- Website: www.coverwallet.com
- Total disclosed funding: $29M
- Latest round: Series B (Oct 12, 2017)
- Investors on record: 7

## About

CoverWallet, Inc. provides innovative digital solutions for small business insurance, enabling users to easily obtain quotes and manage their coverage efficiently across various sectors.Founded in 2015 and headquartered in New York, US, CoverWallet, Inc. specializes in digital insurance solutions for small businesses. The company was acquired by Aon Corporation in November 2019, although financial terms were not disclosed. Rashmi Melgiri is the founder of CoverWallet, which has engaged in 4 investment deals, culminating in a Series B funding round of USD 18.50 mn led by Foundation Capital, with participation from notable investors including CV Starr, Foundation Capital, Founder Collective, Highland Capital Partners, Index Ventures, Two Sigma Ventures, and Union Square Ventures. The total amount raised by the company stands at USD 18.50 mn as of the latest funding round.CoverWallet, a subsidiary of Aon, specializes in providing small business insurance solutions through a digital platform that allows users to obtain quotes and manage their insurance needs efficiently. The company's core offerings include General Liability, Workers' Compensation, Professional Liability, and Business Owners Policy (BOP), among others. These products address various risk management needs for businesses across numerous industries, including restaurants, contractors, healthcare, and retail. By leveraging technology, CoverWallet aims to streamline the insurance purchasing process for small businesses, helping them secure coverage tailored to their specific operational risks. The company serves clients primarily in the United States, although its digital platform has potential for broader geographical reach.CoverWallet generates revenue through the sale of insurance policies and related services, structured primarily as a B2B model. Businesses seeking insurance can obtain free quotes from multiple carriers through the CoverWallet platform, facilitating a seamless transaction process without a commitment to purchase. Clients typically interact with a personal advisor who assists them in selecting appropriate coverage options and managing their policies. The pricing structure for insurance products varies based on the level of coverage and specific business needs, with transactions often resulting in annual or monthly premium payments. CoverWallet's flagship products, such as General Liability and Workers' Compensation, are essential to its service offerings, contributing to its overall revenue model.Following its acquisition by Aon Corporation, CoverWallet intends to leverage the additional resources to enhance its digital platform and expand its offerings. The company is exploring new product launches and market expansions, targeting broader geographical regions beyond the United States, although specific locations and timelines for these initiatives have not been publicly disclosed. The recent funding from the Series B round will support these growth strategies, allowing CoverWallet to increase its market presence and refine its product suite.

## Funding rounds

- Series B, Oct 12, 2017, $19M — Highland Capital Partners, Index Ventures, Foundation Capital, Union Square Ventures, Two Sigma Investments, Founder Collective, Starr International Company, Inc.
- Series A, Sep 16, 2016, $4.5M — Highland Capital Partners, Index Ventures, Union Square Ventures, Two Sigma Investments, Founder Collective
- Seed, Mar 2, 2016, $5.6M — Highland Capital Partners, Two Sigma Investments, Founder Collective

## Investors

- Highland Capital Partners (https://capitalatlas.ai/funds/highland-capital-partners) — Seed, Series A, Series B
- Two Sigma Investments (https://capitalatlas.ai/funds/two-sigma-investments) — Seed, Series A, Series B
- Founder Collective (https://capitalatlas.ai/funds/founder-collective) — Seed, Series A, Series B
- Index Ventures (https://capitalatlas.ai/funds/index-ventures) — Series A, Series B
- Union Square Ventures (https://capitalatlas.ai/funds/union-square-ventures) — Series A, Series B
- Foundation Capital (https://capitalatlas.ai/funds/foundation-capital) — Series B
- Starr International Company, Inc. — Series B