$13 million in Series A investment was secured by CoverTree, an insurtech firm located in Detroit, MI that specializes in manufactured home insurance solutions.
Investors
- AV8
- Distributed Ventures
- Detroit Venture Partners
- Ludlow Ventures
- Annox Capital
- Portage
Use of funds
The company plans to use the money to expand its enterprise suite, which will include the introduction of Bonsai, a binding and underwriting platform for independent agents and lenders, Maple, a resident insurance management software for property managers, and Sequoia, an automated quoting and underwriting system for insurance book conversions.
About CoverTree
CoverTree is an insurtech startup headed by CEO Adarsh Rachmale. Its mission is to revolutionize specialist personal lines of insurance through digital distribution, automated underwriting, and data-driven pricing. Arizona, Michigan, Indiana, New Mexico, Ohio, Illinois, Tennessee, Texas, Arkansas, South Carolina, Kansas, Oklahoma, Georgia, and Alabama are among the states where its prefabricated house product is accessible.
“This investment is a testament to the value we bring to homeowners by redefining the insurance experience. With the help of these funds, we will keep innovating, broaden our clientele, and eventually provide even more people peace of mind by offering precise and high-tech home insurance solutions.”
Adarsh Rachmale
