Covera Technologies Inc., a Montreal based InsurTech startup, has raised $1 million in additional seed funding led by Ferst Capital Partners with participation of angel investors. Covera secured initial $500,000 seed funding from Ferst Capital Partners in August 2016.
Covera Technologies helps customers to find optimal insurance rates. Covera breaks customers out of the insurance renewal cycle by automatically shopping for home and auto insurance, year-after-year. Customers sign up in minutes and when their current insurance expires, Covera uses data and proprietary algorithms to find insurance alternatives that can be purchased in just a few clicks.
“No one should be allowing their insurance to automatically renew – there are almost always benefits to shopping around,” said Scott Loong, founder and CEO of Covera. “Covera provides everyday Canadians with a non-conflicted and technology-first approach to improving their mobility in the market – gone are the days where Canadians are trapped by the boring process of shopping. Covera handles it for you, year-after-year, and gets you the best value in the market when your home or auto insurance expires.”
“There is an enormous opportunity for disruption in P&C insurance distribution and Covera is innovating by effectively leveraging data and AI to gain insights. Covera is using a unique go-to-market strategy by targeting the insurance renewals space. Ferst Capital Partners is proud to be leading this investment in an industry that has gained global traction whereby Canada has lagged behind,” said Dominique Ferst, Managing Partner at Ferst Capital Partners.
Covera Technologies intends to use new funding to support growth and user acquisition initiatives, drive geographic expansion Canada-wide, and build the team in order to accelerate product development.
photo credit: Covera Technologies