Clearcover raises $50 million in Series C
Chicago-based auto insurer Clearcover announced it has closed $50 million in Series C funding, led by OMERS Ventures. This round follows the company’s $43 million Series B, which closed in January 2019, and brings Clearcover’s total funding to more than $104 million since its 2016 founding. Previous investors American Family Ventures, Cox Enterprises and IA Capital Group also participated in the round. Michael Yang, managing partner at OMERS Ventures, will join Clearcover’s board.
“The market is taking notice of how Clearcover is redesigning the model of running an insurance company in further service of customers. OMERS Ventures brings a wealth of resources and experience to support scaling our business, making them the ideal partner as we take on the next stage of growth. This investment enables us to continue delivering better coverage – for up to 230 million licensed US drivers – for less money.” – Kyle Nakatsuji, Co-Founder and CEO of Clearcover.
“We are excited to support Clearcover’s mission to disrupt the future of auto insurance. Clearcover’s business strategy and technology foundation for sustaining a long-term competitive advantage, combined with its vision for the modern customer experience, is incredibly compelling. We believe in Kyle Nakatsuji and the entire Clearcover team to revolutionize the insurance industry and deliver significant value for their customers.” – Michael Yang, managing partner at OMERS Ventures.
In 2019, Clearcover tripled policy sales year over year while quadrupling premium. Currently available in Arizona, California, Illinois, Ohio and Utah, Clearcover is on a quest to become a full-stack carrier in all 50 states and expand its partnership footprint to make insurance more convenient when a customer needs it.