Clearcover Raises $43M in Series B
Clearcover announced today a Series B financing round of $43M led by Cox Enterprises, the media, communications and automotive services company. Additional investors include American Family Ventures, IA Capital Group, Lightbank, and Hyde Park Angels, while Silicon Valley Bank provided debt financing.
“It’s gratifying to see our customer-focused, technology-driven business model resonating with the market and we’re excited to partner with Cox Enterprises on our mission to provide millions of drivers across the US with better insurance experiences and lower prices. 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.” – Clearcover CEO, Kyle Nakatsuji.
“Cox Enterprises is proud to take a leading role in accelerating and supporting innovation within the car insurance industry. 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. Clearcover shares our vision of using data and technology to drive smarter connections and more convenience online.” – Senior Director of Strategy and Corporate Development at Cox Enterprises, Spencer Boice.
Since launching in California in February 2018, Clearcover has “sold thousands of policies, and helped drivers collectively save millions of dollars on car insurance.” 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.