CoverGo, a Singapore-based insurtech platform, announced Tuesday it has secured $15 million in Series A funding led by California-based SemperVirens VC with participation from US venture capital firms SixThirty, Tribeca Early Stage Partners and Fresco Capital.

CoverGo said in a statement that strategic investors include pan-African insurance group Old Mutual, Asia-based insurance group Asia Financial Holdings, United States-based XN Worldwide Insurance (part of the Henner Group) and Middle East and African insurance fund Noria Capital.

It said that existing insurtech investors also participated in the oversubscribed round.

It also said the new investment will help accelerate CoverGo’s international expansion, develop its partner network with consulting companies and grow the sales and engineering teams in the US and Asia-Pacific to meet the increasing demand for the CoverGo platform.

Caribou Honig, general partner of SemperVirens, also known as the godfather of insurtech and founder of the world’s largest insurtech conference InsureTech Connect, will also be taking a board observer seat as part of the investment.

“Insurance companies realize now more than ever that custom information technology (IT) development is too slow and costly while off-the-shelf software packages can’t satisfy changing product requirements and customer needs. This is why we see fast growing demand worldwide for a truly configurable no-code platform allowing companies to be agile and stay relevant in the changing world,” said Tomas Holub, Chief Executive Officer and Founder of CoverGo.

“The new funding and unique mix of strategic insurance investors will help accelerate adoption of CoverGo by insurance companies globally,” he added.

CoverGo has developed the insurance industry’s first out-of-the-box, modular, no-code insurance platform powered by over 500 open insurance APIs enabling insurance companies to transform digitally in the most flexible, scalable and cost-effective way.

According to the statement, a growing number of property and casualty (P&C), health and life insurance companies and emerging insurtech companies have adopted CoverGo’s platform to build and launch all types of insurance products within days, develop omni-channel distribution, streamline policy admin and automate claims processes. As a result, CoverGo’s annual recurring revenue grew more than 10 times since January 2021.

Besides, the firm is already working with major insurance companies such as AXA, MSIG (MS&AD Insurance Group), Dai-ichi Life and Bank of China Group Insurance, and delivery partners such as Deloitte, Accenture, IBM and Synpulse in Asia, US, Canada, Latin America, Middle East and other markets across the globe.

“There are only a handful of technologies that are significantly transforming the insurance industry, and no-code is clearly on the short list. As carriers lean into enabling innovation, CoverGo is uniquely positioned to accelerate their digital transformation and drive efficiencies across the insurance value chain,

“CoverGo’s next-generation platform is providing carriers an unbeatable mix of speed to market, cost savings, and security to succeed both now and in the future. We are excited to support CoverGo on its growth journey and expansion in the US market,” said Caribou Honig.

SemperVirens is a leading United States-based ecosystem-driven investment firm focused on companies in the workforce, healthcare, and financial technology markets. The firm has a network of executives, industry analysts, and distribution partners that serve as a proprietary platform for accessing, analyzing, and amplifying the most promising companies in its target sectors.

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