InsurTech startup Covera raises $1.5M Seed round led by Ferst Capital Partners to make automatic insurance renewals a thing of the past
Montreal, QC (Oct. 17, 2017) – Covera Technologies Inc., a Montreal-based InsurTech startup that uses technology to find its customers optimal insurance rates every year, has raised $1M as part of its seed financing round led by Ferst Capital Partners with participation from FinTech angel investors. The seed round, which was preceded by a $500K pre-seed financing round in 2016, brings the total capital raised by Covera to $1.5M.
“No one should be allowing their insurance to automatically renew – there are almost always benefits to shopping around” said Scott Loong, CEO of Covera. “Covera provides everyday Canadians with a non-conflicted and technology-first approach to improving their mobility in the market – gone are the days where Canadians are trapped by the boring process of shopping. Covera handles it for you, year-after-year, and gets you the best value in the market when your home or auto insurance expires.”
Covera raised $500K at the ideation stage from Ferst Capital Partners in January 2016. Covera raised an additional $1M in September 2017 and expects subsequent closings to bring the total amount raised by Covera to $2M by November of 2017.
“There is an enormous opportunity for disruption in P&C insurance distribution and Covera is innovating by effectively leveraging data and AI to gain insights. Covera is using a unique go-to-market strategy by targeting the insurance renewals space. Ferst Capital Partners is proud to be leading this investment in an industry that has gained global traction whereby Canada has lagged behind,” says Dominique Ferst, Managing Partner at Ferst Capital Partners.
The new financing will be used by Covera in three key areas: to support growth and user acquisition initiatives, drive geographic expansion Canada-wide, and build the team in order to accelerate product development.
About Covera Technologies Inc.
80% of Canadians allow their insurance to automatically renew when it expires. The insurance renewal process is frustrating and time consuming so few Canadians bother. The result is that millions of Canadians are under protected or are paying too much. Covera breaks customers out of this cycle by automatically shopping for your home and auto insurance, year-after-year. Customers sign up in minutes and when their current insurance expires, Covera uses data and proprietary algorithms to find insurance alternatives that can be purchased in just a few clicks. For more information, visit covera.co.
About Ferst Capital Partners
Ferst Capital Partners (FCP) is an investment firm on the forefront of change. As investors, we provide strategic capital and support to FinTech startups. As a startup studio, we support the next generation of emerging FinTech entrepreneurs who are working hard to improve the financial lives of all Canadians. We focus on how Canadians spend, save, borrow, insure and invest their hard-earned money because we believe these things are important. For more information, visit www.ferstcapital.com
SOURCE: Covera Technologies Inc.Tags: covera, InsurTech, seed funding, startup