What is CoverForce?
CoverForce operates as a trusted and secure platform facilitating commercial insurance transactions for carriers, agencies, and wholesalers. By enabling faster underwriting, instant quotes, and one-click policy binding, the company empowers over 20 of America's largest insurance wholesalers and networks. Founded within the University of Pennsylvania's Innovation Labs, CoverForce is at the forefront of digital transformation in the insurance sector, offering customized enterprise software and robust APIs that drive efficiency and innovation across the industry.
How much funding has CoverForce raised?
CoverForce has raised a total of $18M across 2 funding rounds:
Angel/Seed
$5M
Series A
$13M
Angel/Seed (2022): $5M with participation from Moving Capital, QED Investors, Muir Capital, Sidekick Partners, and Ymca Partners
Series A (2025): $13M led by Nyca Partners and Insight Partners
Key Investors in CoverForce
Nyca Partners
Nyca Partners is a venture capital firm specializing in fintech, focusing on seed to Series B investments in payments, infrastructure, capital markets, and embedded finance. They provide capital and operational support to early-stage companies.
Insight Partners
Insight Partners is a global venture capital and private equity firm that invests in high-growth software and technology companies, offering capital and operational support for scaling businesses.
QED Investors
QED Investors is a global venture capital firm focused on early-stage, disruptive financial services companies, known for its hands-on approach to building great businesses.
What's next for CoverForce?
The recent major strategic investment positions CoverForce for accelerated expansion and continued innovation in the insurtech space. With a substantial funding base, the company is poised to further enhance its platform capabilities, broaden its market reach, and solidify its partnerships with key players in the insurance industry. This capital infusion will likely fuel advancements in its API offerings and enterprise software solutions, reinforcing CoverForce's commitment to driving transformative change and setting new standards for underwriting and policy binding processes.
See full CoverForce company page
