Insurtech Clearcover raises $43m for US expansion
Clearcover, a car insurer, has raised a Series B financing round of $43 million led by Cox Enterprises, the media, communications and automotive services company.
The average journalist’s car
Additional investors include American Family Ventures, IA Capital Group, Lightbank, and Hyde Park Angels, while Silicon Valley Bank provided debt financing.
Clearcover has an API platform, launched in early 2018, that provides car insurance.
“We’ll use the funding to further invest in our API platform, launch new states, integrate new distribution partners and hire more than fifty people across our engineering, data science and customer advocate teams,” says Kyle Nakatsuji, CEO of Clearcover.
“With the rise of new digital platforms, drivers can now find better, non-traditional insurance options and Clearcover is positioned to make a huge impact in a roughly $250 billion market,” adds Spencer Boice, senior director of strategy and corporate development at Cox Enterprises.
The company has integrated with a variety of distribution partners across the automotive, insurance and financial services industry, including Cars.com, The Zebra, and Chime, and says more partnerships are in the works.
