Clearcover Raises $11.5 Million in Funding to Launch The Smarter Car Insurance Choice

Chicago-based Clearcover announced it has raised $11.5 million in an initial funding round led by Lightbank to save customers up to 50% on car insurance . Greycroft Partners, 500 Startups, Silicon Valley Bank, and other notable insurance and fintech investors also participated in the financing.

“People need insurance, but they want to spend as little time and money on it as possible. So why should customers pay higher prices because big insurance companies overspend on activities that waste both? We were inspired to create an insurance offering that delivers what people really want – great coverage, when it matters, for the lowest cost possible” – Kyle Nakatsuji, CEO of Clearcover. This is Clearcover:

The emerging MGA will offer car insurance via B2B partnerships (API) and/or directly via its site around specific moments such as car buying, financial management, and insurance shopping; to name a few. It plans on launching its first product in CA by the end of the year. Also, it will offer coverage for ridesharing drivers.

PS. Recall 2017 insurance-related investments here.