Covered by SAGE raises $6 million

Renegade Insurance announced a $6 million seed round led by NFX with participation from Tectonic Capital and Treasury, the fintech platform launched by Acorns and Betterment co-founders. Additional investors include Metaprop, Blue9, and the founders of Casper, Tinder, Pillpack, Flatiron Health, and Thumbtack.

Established in 2018, the Atlanta-based team of ~51 is led by Rashik Adhikari. It offers a CRM and quoting platform for P&C brokers and is currently live in Georgia, North Carolina, and South Carolina. “We’ve built the first modern insurance platform, pairing top talent with technology and support to make the risk management experience intelligent and seamless.”

“Insurance agents play a vital role in risk management in our communities. However, traditional brokerages, underpenetrated by technology, are falling behind in empowering retail agents to navigate the fast-evolving insurance distribution landscape. A retail agent today needs to have the flexibility to write insurance policies from anywhere and the economics that support them. We are excited about being able to challenge the status quo for better outcomes for both insurance agents and their customers.” – Rashik Adhikari, founder and CEO of Covered by SAGE.

“We have seen the customer need for a new type of virtual agency powered by technology. The timing is ideal, given the recent availability of insurance APIs. This is a huge opportunity which Covered by SAGE is set to lead. By rewriting this technology for agents, Covered by SAGE is able to strengthen their role, empowering them to write a lot more business.” – Gigi Levy-Weiss, Managing Partner of NFX.