What is CoverHound?
CoverHound operates as a digital platform designed to streamline the insurance acquisition process. By partnering with leading U.S. carriers such as Chubb, Hiscox, Progressive, and Liberty Mutual, the company provides fast, accurate, and actionable insurance rates tailored to individual consumer and business needs across all 50 states. Developed by a team with extensive experience in insurance and online financial services, CoverHound prioritizes a best-in-class customer experience, evidenced by an industry-leading Net Promoter Score of 82. The company's core mission is to deliver competitive rates and comprehensive coverage through an intuitive and efficient online interface.
How much funding has CoverHound raised?
CoverHound has raised a total of $113M across 7 funding rounds:
Angel/Seed
$750K
Other Financing Round
$500K
Series A
$4.5M
Series B
$14M
Series C
$33.3M
Series D
$58M
Debt
$2M
Angel/Seed (2011): $750K with participation from AngelPad companies
Other Financing Round (2012): $500K led by Source Interlink Companies
Series A (2013): $4.5M supported by Bullpen Capital, Blumberg Capital, and RRE Ventures
Series B (2015): $14M featuring Bullpen Capital, Route 66 Ventures, RRE Ventures, Core Innovation Capital, Tugboat Ventures, Blumberg Capital, and American Family Ventures
Series C (2015): $33.3M backed by RRE Ventures, Core Innovation Capital, Blumberg Capital, American Family Ventures, Ace Group, and Route 66 Ventures
Series D (2019): $58M, investors not publicly disclosed
Debt (2020): $2M led by PPP
Key Investors in CoverHound
Bullpen Capital
Bullpen Capital is a venture capital fund that specializes in investing post-seed capital into early-stage companies. Over the past decade, the firm has funded more than 100 companies that have identified a special product-market fit but are often overlooked. Bullpen focuses on helping these businesses grow and thrive, aiming to build the next generation of successful enterprises.
Route 66 Ventures
Route 66 Ventures is a private investment firm focused on helping entrepreneurs shape the financial services landscape of tomorrow by providing Venture Capital and Credit solutions to emerging financial technology and services companies. Route 66s Venture Capital team invests globally in early and growth stage disruptors, incumbents and service providers throughout various sectors in the financial services ecosystem.
RRE Ventures
RRE Ventures is a venture capital firm dedicated to supporting founders at critical stages of their business journey. The firm invests in a diverse portfolio of startups, focusing on long-term partnerships with entrepreneurs. RRE aims to back exceptional teams and innovative ideas to foster growth and success.
What's next for CoverHound?
The recent major strategic investment in CoverHound signals a pivotal phase for the insurtech firm, likely indicating a focus on scaling operations, enhancing technological capabilities, and potentially expanding its market reach. With a history of diverse financing rounds, including Series B, C, and D, alongside debt and other financing, CoverHound has demonstrated a robust strategy for capital acquisition. This latest backing suggests a strong investor confidence in the company's business model and its potential for future growth. The company is well-positioned to leverage this capital to further innovate its platform, strengthen carrier relationships, and solidify its competitive advantage in the digital insurance landscape.
See full CoverHound company page
