Cover Raises $16M

Digital broker Cover , has raised $16m in a Series B led by Tribe Capital’s Arjun Sethi, who led the Series A, with participation from Y Combinator, Social Capital, Exor and Samsung, bringing the company’s total funding to date to $27.1m.

“Insurance isn’t very different from being a white-collar bookie, where the house’s rake is too high and the dollars at stake are in the hundreds of billions in the U.S. alone. This, all to the detriment of regular people, who view insurance as a tax. We’re here to change that perception.” – Cofounder and CEO, Karn Saroya.