CoverHound Raises $58M For Expansion Of Insurance Platform

CoverHound, the online property and casualty insurance platform operator, announced Tuesday (Feb. 5) that it raised $58 million in venture funding.

In a press release, the San Francisco startup that has sold more than 200,000 policies online said the Series D funding round was led by global insurer Hiscox and included participation from Chubb, Aflac Ventures, MS&AD of Japan. Since its launch in the early part of 2010, CoverHound has raised more than $122 million.

In addition to selling insurance online and enabling customers to compare quotes, CoverHound offers cyber insurance to small and medium-sized businesses (SMBs), saying in the press release there are some 30 million that could use the coverage. CoverHound expects to use the funding to expand that business, dubbed CyberPolicy, and reach more SMBs. In November, CyberPolicy began providing cyber insurance options through Progressive Insurance and in May it partnered with Hiscox to offer cyber insurance via CyberPolicy.

The company said that funding from the latest round will also go to expand its office locations beyond San Francisco and Westlake Village, California to Charlotte, North Caroline and internationally in Japan and elsewhere. It also plans to earmark some of the funding to support new branded partnerships with banks, insurance companies and tech firms it is rolling out this year.

“The future of digital insurance distribution will continually shift to more non-traditional insurance brands. CoverHound has built the leading P&C platform to enable any brand’s customers to easily quote, compare and buy personal, business and cyber insurance,” said CoverHound Chief Executive Keith Moore in prepared remarks. “In an industry that’s been heating up with a flurry of new entrants, we feel blessed that we know exactly who we are and what we excel at. We have no desire to be an insurance carrier or an online search engine purely for price comparisons. CoverHound and CyberPolicy are digital, trusted advisors for curated choice for anyone needing personal or business insurance.”