Qishin Tariq · · 2 min readSG insurtech firm raises $15m from clutch of US backers
CoverGo, a Singapore-based insurtech startup, has raised US$15 million in a series A funding round led by California-based SemperVirens Venture Capital.
The round also saw participation from US-based VC firms SixThirty, Tribeca Early Stage Partners, and Fresco Capital.
CoverGo provides insurance enterprise software solutions / Photo credit: freepik.com
As part of the deal, Caribou Honig – a SemperVirens general partner – will take a board observer seat in the insurtech firm.
CoverGo provides insurance enterprise software solutions to insurers, managing general agents, brokers, and bancassurances. It said that its annual recurring revenue grew more than 10x since January 2021.
The startup currently works with insurance companies such as Axa, MSIG, Dai-ichi Life, and Bank of China Group Insurance. It also counts companies such as Deloitte, Accenture, IBM, and Synpulse as delivery partners.
The investment will go toward CoverGo’s international expansion, developing its partner network with consulting companies and growing its sales and engineering teams in the US and Asia Pacific.
Other insurance firms also joined strategic investors in the company’s oversubscribed round, including pan-African Old Mutual, Asia-based Asia Financial Holdings, US-based XN Worldwide Insurance, and Middle East and African insurance fund Noria Capital.
CoverGo was part of the first cohort that graduated from F10 Singapore’s accelerator program, which gave it exclusive access to test data from major banks and insurance companies.
See also: Why insurtech in Singapore has been a tough nut to crack
Editing by Miguel Cordon and Lorenzo Kyle Subido
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