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Clearcover Insurance raises $50 million in Series C funding round

CHICAGO, Jan. 03, 2020 (GLOBE NEWSWIRE) -- Clearcover, the smarter car insurance choice, today announced that it has closed $50 million in Series C funding, led by OMERS Ventures. This round follows the companya??s $43 million Series B, which closed in January 2019, and brings Clearcovera??s total funding to more than $104 million since its 2016 founding. Previous investors American Family Ventures, Cox Enterprises and IA Capital Group also participated in the round. Michael Yang, managing partner at OMERS Ventures, will join Clearcovera??s board.
Clearcover will use the funding to continue building the technology powering its industry-leading cost efficiency and customer experiences. In addition, the new capital will allow Clearcover to accelerate growth by continuing its expansion in existing markets and launch in new states throughout the U.S., and integrating additional distribution channels in the automotive and financial services space. The team will double its current headcount across product, engineering and data science with local and remote options.a??The market is taking notice of how Clearcover is redesigning the model of running an insurance company in further service of customers. OMERS Ventures brings a wealth of resources and experience to support scaling our business, making them the ideal partner as we take on the next stage of growth,a?? said Kyle Nakatsuji, Co-Founder and CEO of Clearcover. a??This investment enables us to continue delivering better coverage a?? for up to 230 million licensed US drivers a?? for less money."a??We are excited to support Clearcovera??s mission to disrupt the future of auto insurance,a?? said Michael Yang, managing partner at OMERS Ventures. a??Clearcovera??s business strategy and technology foundation for sustaining a long-term competitive advantage, combined with its vision for the modern customer experience, is incredibly compelling. We believe in Kyle Nakatsuji and the entire Clearcover team to revolutionize the insurance industry and deliver significant value for their customers.a??In 2019, Clearcover tripled policy sales year over year while quadrupling premium. Currently available in Arizona, California, Illinois, Ohio and Utah, Clearcover is on a quest to become a full-stack carrier in all 50 states and expand its partnership footprint to make insurance more convenient when a customer needs it.
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