Feb. 5, 2019
Coverhound, a San Francisco-based online property and casualty insurer, has raised $58 million in Series D funds led by insurance specialist Hiscox.
The funding round was backed by Chubb, Aflac Ventures and Japan-based MS&AD, according to a press release. The funding brings the total amount of investment to $112 million since the company was founded in 2010.
The funds will be used for the growth of its CyberPolicy subsidiary, which provides cyber insurance, as well as pay for domestic and international growth. Coverhound, which has offices in Westlake Village as well, will be expanding offices into Charlotte, North Carolina.
The funding will also help the firm grow its international business to Japan and enter other markets. Lastly the funding will help the company expand its partnership business. Last November, Coverhound launched a partnership with Progressive Insurance to offer expanded cyber insurance to SMBs. In May 2018, the company entered an agreement with Hiscox to offer cyber coverage through its CyberPolicy unit.
"We are delighted to have this opportunity to work more closely with one of the few truly digital agencies that shares our passion for making material strides in the changing SMB landscape," said Kevin Kerridge, executive vice president of small business insurance at Hiscox USA, in the announcement.
Topics: Financial News, Mobile Apps, Security
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