CoverHound, a San Francisco-based insurance tech company, announced today that it raised a $58 million Series D. The round, which was led by Hiscox with participation from insurance providers Chubb, Aflac Ventures among others, brings the company's total known funding to over $112 million.
Founded in 2010, CoverHound aims to help individuals and small and medium-size business (SMBs) owners access the best rates they can through its online marketplace. The company partners with insurance partners including Liberty Mutual, Nationwide, and Progressive, according to its website, and acts as an online broker helping people find and compare insurance quotes, much like Priceline and Expedia do for flights and hotels. According to the company, it has sold more than 200,000 business and personal policies since its inception.
In 2016 CoverHound founded a cybersecurity-focused subsidiary which helps SMBs identify vulnerabilities, connect with cybersecurity companies for prevention, and find insurers for cost mitigation.
Between credit cards and cloud computing, our lives have migrated online. And while that's convenient for us and for many of the businesses that leverage that technology, it also puts us at risk of new types of vulnerabilities. So having a safety net to potentially lower the cost of addressing those issues is helpful.
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