- CoverGo's Series A highlights the company's rapid growth and success, with 
annual recurring software revenue increasing more than 10x since January 2021.


CoverGo(https://covergo.com/), the leading global enterprise no-code SAAS 
insurance platform, today announced it has secured $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 (part of the Henner Group) and Middle East and African insurance fund 
Noria Capital. Existing insurtech investors also participated in the 
oversubscribed round.

Caribou Honig, general partner of SemperVirens, also known as the Godfather of 
Insurtech and founder of the world's largest insurtech conference InsureTech 
Connect, will also be taking a board observer seat as part of the investment.

A growing number of P&C, 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 admin and automate claims processes. As a result, CoverGo's 
annual recurring revenue grew more than 10x since January 2021.

CoverGo is already working with major insurance companies such as AXA, MSIG 
(MS&AD Insurance Group), 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 markets across the globe. 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.

"There are only a handful of technologies that are significantly transforming 
the insurance industry, and no-code is clearly on the short list," said Caribou 
Honig.  "As carriers lean into enabling innovation, CoverGo is uniquely 
positioned to accelerate their digital transformation and drive efficiencies 
across the insurance value chain. CoverGo's next-generation platform is 
providing carriers an unbeatable mix of speed to market, cost savings, and 
security to succeed both now and in the future. We are excited to support 
CoverGo on its growth journey and expansion in the US market."

"Insurance companies realize now more than ever that custom IT development is 
too slow and costly while off-the-shelf software packages can't satisfy 
changing 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."

Learn more about why insurance companies are choosing CoverGo at 
covergo.com(https://covergo.com/).

About CoverGo

CoverGo has developed the insurance industry's first out-of-the-box, modular, 
no-code insurance platform powered by over 500 open insurance APIs enabling 
insurance companies to transform digitally in the most flexible, scalable and 
cost-effective way. P&C, health and life insurance companies use CoverGo to 
build and launch all types of insurance products within days, develop 
omni-channel distribution, streamline policy admin and automate claims 
processes. To learn more, visit https://covergo.com.

About SemperVirens VC

SemperVirens is a leading US-based ecosystem-driven investment firm focused on 
companies in the workforce, healthcare, and financial technology markets. The 
firm has a network of executives, industry analysts, and distribution partners 
that serve as a proprietary platform for accessing, analyzing, and amplifying 
the most promising companies in its target sectors.

Media Contact

Julien Hauss
Email: hello@covergo.com


SOURCE: CoverGo