CoverTree raises $13 million
CoverTree, an insurance startup focusing on manufactured homes, announced the successful completion of a $13 million Series A funding round led by Portage, with participation from AV8, Distributed Ventures, Detroit Venture Partners, Ludlow Ventures, Annox Capital, and more. To date, CoverTree has raised $23 million.
Founded in 2020 and based in Detroit, CoverTree is an MGA and coverage was designed in partnership with Markel.
The funds will allow CoverTree to further build out an enterprise suite including the launch of Maple, a resident insurance management software for property managers, Bonsai a binding and underwriting platform for independent agents and lenders, and Sequoia an automated underwriting and quoting system for insurance book conversions.
“With the continually changing homeownership industry, we are excited to continue expanding our services to the growing manufactured housing industry: we believe this is the future of how all Americans will live. This investment is a testament to the value we bring to homeowners by redefining the insurance experience. With these funds, we will continue to innovate, expand our reach, and ultimately provide even more individuals with peace of mind through our high tech and accurate home insurance solutions.” – Adarsh Rachmale, Co-Founder and CEO of CoverTree.
“CoverTree’s focused approach on manufactured home insurance aligns with our strategy of investing in companies that leverage technology to disrupt and enhance existing large niche markets. With a growing market and the need for affordable housing greater than ever, we are confident in CoverTree’s ability to drive positive change in the insurance landscape and are excited to support their journey.” – Adam Felesky, Co-Founder and CEO at Portage.
“The next stage of growth adds a new dimension to the CoverTree technology platform with the launch of products combining Enterprise Software, underwriting, and AI. We have innovated with a unique abstraction layer integrated with our core systems that allows us to grow profitably in various distribution channels. Our distribution technology is able to reach manufactured home residents in relatively rural parts of the US without running marketing ads.” – Divyansh Sharma, CTO at CoverTree.
