Cyberport start-up CoverGo, a leading global no-code SAAS insurance platform, has secured US$15 million in Series A funding led by California-based SemperVirens VC with participation from US venture capital firms SixThirty, Tribeca Early Stage Partners and Fresco Capital. Strategic investors include pan-African insurance group Old Mutual, Asia-based insurance group Asia Financial Holdings, US-based XN Worldwide Insurance and Middle East and African insurance fund Noria Capital.
A growing number of P&C (Property and Casualty), health and life insurance companies and emerging insurtech companies have adopted CoverGo's platform to build and launch all types of insurance products within days, develop omni-channel distribution, streamline policy administration and automate claims processes. As a result, CoverGo's annual recurring revenue grew more than 10 folds since January 2021.
CoverGo is already working with major insurance companies such as AXA, MSIG, Dai-ichi Life and Bank of China Group Insurance, and delivery partners such as Deloitte, Accenture, IBM and Synpulse in Asia, US, Canada, Latin America, Middle East and other global markets. The new investment will help accelerate CoverGo's international expansion, develop its partner network with consulting companies and grow the sales and engineering teams in the US and Asia-Pacific to meet the increasing demand for the CoverGo platform.
CoverGo is uniquely positioned to accelerate digital transformation and drive efficiencies across the insurance value chain, providing carriers an unbeatable mix of speed to market, cost savings and security.
Many insurance companies realize that custom IT development is too slow and costly while off-the-shelf software packages fail to meet dynamic product requirements and customer needs. “This is why we see fast growing demand worldwide for a truly configurable no-code platform allowing companies to be agile and stay relevant in the changing world," said Tomas Holub, CEO and Founder of CoverGo. "The new funding and unique mix of strategic insurance investors will help accelerate adoption of CoverGo by insurance companies globally."
