CoverTree, a US-based insurtech firm targeted on manufactured house insurance coverage, has raised $13m in its Collection A funding spherical.
The funding was led by Portage and consists of contributions from AV8, Distributed Ventures, Detroit Enterprise Companions, Ludlow Ventures and Annox Capital, amongst others.
This brings CoverTree’s whole funding thus far to $23m.
Citing a report, the insurtech firm stated that extra than 22 million Individuals reside in manufactured properties, with 11% of 2022’s new single-family properties being manufactured.
The proceeds shall be utilized by CoverTree to reinforce its enterprise suite, together with the launch of Maple, Bonsai and Sequoia.
Maple is a resident insurance coverage administration device for property managers, Bonsai is a platform for binding and underwriting for unbiased brokers and lenders, and Sequoia is an automatic system for quoting and underwriting insurance coverage books.
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CoverTree will even use the proceeds to assist product growth, scale operations and hiring.
Portage co-founder and CEO Adam Felesky stated: “CoverTree’s targeted method on manufactured house insurance coverage aligns with our technique of investing in corporations that leverage expertise to disrupt and improve present massive area of interest markets.
“With a rising market and the necessity for inexpensive housing better than ever, we’re assured in CoverTree’s capability to drive constructive change within the insurance coverage panorama and are excited to assist their journey.”
CoverTree co-founder and CEO Adarsh Rachmale stated: “With the regularly altering homeownership trade, we’re excited to proceed increasing our companies to the rising manufactured housing trade: we consider that is the way forward for how all Individuals will dwell.
“This funding is a testomony to the worth we deliver to owners by redefining the insurance coverage expertise. With these funds, we are going to proceed to innovate, increase our attain, and in the end present much more people with peace of thoughts via our excessive tech and correct house insurance coverage options.”
At the moment, CoverTree’s insurance coverage product is out there in 14 US states together with Arizona and Texas.
The corporate raised $10m in seed funding in September 2022 and launched its digital manufactured house insurance coverage.
