CoverTree launches, announces $10 million in funding
CoverTree, an insurance startup focusing on manufactured homes, has raised $10 million in a seed round co-led by AV8 Ventures and Distributed Ventures, with participation from Detroit Venture Partners, Ludlow Ventures, and Annox Capital.
The startup is also open for business in Arizona, Indiana, Michigan, New Mexico, Ohio, Illinois, and Tennessee.
Founded in 2020 and based in Detroit, CoverTree is an MGA and coverage was designed in partnership with Markel.
“Insurtechs and major carriers have historically ignored middle America, specialty insurance, and manufactured homes. Specialty insurance is difficult to underwrite and distribute. A specialty insurance policy often passes through multiple pairs of hands before it ends up with the consumer—who ends up overpaying and getting the worst experience. We believe manufactured home insurance should be easy, modern, and affordable.” – Adarsh Rachmale, co-founder and CEO, CoverTree.
“Markel is excited to partner with CoverTree to benefit what has been an underserved market for many years. Our combined focus on ease of use, robust coverage offerings, pricing sophistication and technology will undoubtedly lead to a best-in-class product offering within the manufactured home insurance segment.” – Jeff May, executive underwriting officer, Markel.
“Minimalist lifestyles and off-the-grid living are on the rise. As we look forward, we envision a full digital insurance coverage experience for rural and outdoor lifestyles.” – Rishie Modi, co-founder, CoverTree.