Income protection startup Kover raises $5 million

Seel , the San Francisco-based provider of income protection for gig workers, has raised $5 million from Afore Capital, West Loop Ventures, and Foundation Capital, bringing its total funding to $6.6 million.

Founded in 2019 and led by CEO Zack Peng, the company targets gig workers working for companies such as Uber, Lyft, UberEats, and Wonolo with an income protection product that replaces 80% of one’s lost income if a vehicle is out of service or if someone is temporarily suspended by a gig working App.

More recently, Kover partnered with Jobble , an app-based job platform backed by AXA with a focus on part-time work.

“Exclusive for Jobblers. When you can’t work due to hospitalization or post-collision vehicle repairs, Jobble Protection replaces your lost income so you can focus on getting better without getting behind.”

Finally, the company’s product has a 24-hour waiting period and hospitalization claims can be approved in a few hours.