Foundation capital

CoverWallet Secures $18.5M Series B Investment Led by Foundation Capital to Expand Small Business Insurance Platform

NEW YORK–(BUSINESS WIRE)–CoverWallet, the leading business insurance startup, today announced the closing of an $18.5 million Series B funding round led by Foundation Capital with participation from existing investors Union Square Ventures, Index Ventures, CV Starr and Two Sigma Ventures. The company makes it easy for small businesses to understand, buy and manage their insurance.

Since its launch in 2016, CoverWallet has secured over $30 million in venture capital funding. As part of the financing, Charles Moldow, a partner at Foundation Capital, joins John Buttrick of Union Square on the company’s board.

“CoverWallet’s premise is simple and powerful,” says Charles Moldow, General Partner of Foundation Capital, “to become THE destination where small business owners can buy insurance completely online. With an incredibly strong team – starting with Inaki and Rashmi – impressive traction and a business model that keeps getting better with scale, CoverWallet is poised to deliver on that ambition.”

CoverWallet is at the forefront of the rapidly growing insurtech movement, harnessing data to help thousands of small businesses get tailored advice and personalized insurance online. The company uses technology to help small businesses get and manage the protection they need easily, quickly and affordably.

“We are delighted to welcome Foundation Capital and Charles Moldow to the CoverWallet family. They share our assessment of the insurance industry as inefficient and unloved by customers. This is not a recipe for success. Today , there is a unique opportunity to reinvent it by focusing on CoverWallet’s principles of simplification and transparency, leveraging analytics, and ultimately reducing friction,” said Inaki Berenguer, co-founder and CEO of CoverWallet “We’re on a mission to use technology to democratize hassle-free access to business insurance.”

The company plans to use the new funding to continue to develop its core technology, expand its partnerships and scale its operations to meet growing demand and solidify its market leadership position.

About CoverWallet

Launched in early 2016, CoverWallet combines in-depth analytics, thoughtful design, and cutting-edge technology to help small businesses meet all of their insurance needs. CoverWallet provides a seamless user experience while delivering savings, personalized coverage, and top-notch service to its customers. Within minutes, any business can have peace of mind purchasing and managing their insurance, all through CoverWallet’s online platform.

The company is actively disrupting the $100 billion small business insurance market. CoverWallet won Best Insurtech Solution 2017 from the Benzinga Awards and was recently named “one of America’s Most Entrepreneurial Companies” by Entrepreneur Magazine.

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About Foundation Capital

At Foundation Capital, our guiding star builds significant businesses of lasting value. Among our portfolio of companies: we’ve helped Netflix revolutionize media distribution and consumption, Lending Club change the way money is lent and borrowed, and Sunrun reinvent the clean energy residential market. Our partners are former operators and entrepreneurs. They have successfully followed the founder’s path and are now helping other entrepreneurs on their own journey to building great, sustainable businesses.