Cover Whale raises $40 million

Trucking insurance startup Cover Whale announced $40 million in new equity financing from Morgan Stanley Expansion Capital. The financing will enable Cover Whale to accelerate investments in its technology platform, analytics, and expand its product offerings to drive increased growth and profitability.

Morgan Stanley Expansion Capital first invested in Cover Whale in May 2024 with a structured debt instrument.

Founded in 2019, the MGA works with a variety of carriers to offer coverage. The startup claims that it generated $133 million of gross written premiums during the first half of 2025. The startup generated $184 million in gross written premiums in 2024, according to a company source.

“After years of rapid growth, 2024 marked a pivotal year for Cover Whale as we focused on re-building our foundation. We invested in our technology platform, built a high-performing service organization, and refined our pricing, underwriting and loss control programs. Morgan Stanley Expansion Capital’s transition from lender to equity partner is a gratifying affirmation of the tremendous progress made over the past few years, and their renewed backing gives us the resources to fully capitalize on the significant growth opportunities ahead.” – Dan Abrahamsen, Founder and CEO of Cover Whale.

“Today’s growth equity investment reflects our conviction in Cover Whale’s business strategy, execution and leadership team. Over the last 18 months, the team has built a high-quality, scalable platform that we believe will generate significant growth in the coming years.” – Nick Nocito, Executive Director of Morgan Stanley Expansion Capital.