Covr Financial Technologies, a digital life insurance platform, has raised $15m in Series B funding.
The round saw participation from new investor Stone Point Ventures, and existing investors Sony Innovation Fund by IVG, Aflac Ventures, Allianz Life Ventures, Connecticut Innovations, Fairview Capital, Contour Venture Partners, Commerce Ventures and Tribeca Early Stage Partners.
Covr, which partners with financial brands to provide life insurance solutions to their customers, aims to streamline the process of selling and buying policies. The digital platform offers a choice of life insurance products from leading insurance carriers, an easy way to compare rates, and the ability to purchase policies within minutes.
According to Covr, the capital will help it to continue to build market-leading digital insurance technology and support a growing number of distribution partnerships, financial advisors and insurance producers.
Michael Kalen, Covr CEO, said, “We saw great success with this round of fundraising, and adding Stone Point Ventures to our list of investors is very exciting. This fundraise will allow Covr to continue to grow and lead the way in digital insurance solutions that make the process simpler and more engaging for advisors and consumers.”
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