Blog

B2B insurtech reveals negative CAC and >30% MoM growth, showcasing aggressive path toward profitability NEW YORK – Coverdash, the fastest growing startup and SMB focused-insurtech, today announced $13.5M in Series A funding. This financing comes within one calendar year of Coverdash’s oversubscribed Seed round, bringing the company’s total funding to $16M to date. The Series A round was led by Nyca Partners, joining existing investors including Bling Capital, AXIS Digital Ventures, Tokio Marine Future Fund, Expansion VC, Cameron Ventures and others. The latest financing will be used to further expand Coverdash’s embedded partner network, grow its internal team and broaden its insurance carrier panel. Founded in 2022, Coverdash offers a full suite of commercial insurance products for all startups and SMBs across the U.S., allowing them to purchase business insurance within seconds from the places they trust most. Coverdash's embedded technology enables partners from any industry to easily offer insurance to existing customers with a single line of code. The technology packages the necessary operational, compliance and financial elements to allow partners to deliver highly configurable insurance solutions within their own front-end environments. Within its first year of operations, Coverdash has surpassed its competitors by securing over 100 embedded distribution partnerships. A staggering 75% of businesses in the U.S. are severely underinsured and 43% of small businesses are completely uninsured, exposing them to financial and legal risks. Coverdash is stepping in to better serve startups and SMBs in a landscape where major insurance providers have de-emphasized the importance of coverage for these businesses. Coverdash’s primary products are general liability, business owners policy, workers compensation, directors and officers liability, cyber insurance and professional liability. As the leading embedded insurance agency, Coverdash has the largest panel of trusted insurance carrier relationships, enabling customers to save 30-40% on business insurance costs. “We’re not just making insurance accessible and straightforward for business owners nationwide, we’re acting as their virtual risk management arm,” said Ralph Betesh, Co-Founder and CEO of Coverdash. “Coverdash goes beyond coverage – we offer startups and SMBs the support they need, especially in today's challenging landscape when navigating the complexities of insurance has never been more vital. Coverdash is dedicated to empowering both our partners and our customers with these capabilities." Coverdash’s growing embedded partner network includes various providers who serve or transact with businesses including leading payroll providers, POS providers, banks, lenders and vertical SaaS platforms. By integrating Coverdash's single line of code, these partners can swiftly offer business insurance through their own platforms to their existing customers within 24-48 hours. Moreover, Coverdash leverages its proprietary embedded playbook to enhance in-platform user engagement by mapping company milestones with insurance purchase triggers. This ensures that embedded partners can continuously support their customers' evolving businesses by offering the right insurance product exactly when it's needed, thereby eliminating any gaps in coverage. Alongside helping partners create ancillary revenue, Coverdash also boosts customer retention rates, thereby increasing partners' overall customer lifetime value (LTV) by offering insurance as a supplementary product. "Coverdash's embedded model drives best-in-class unit economics, rejecting reliance on paid acquisition strategies, creating tremendous organic growth and momentum," said Stephanie Khoo, Partner at Nyca. "Giving SMB service providers – payroll, payments, lending, website creation, HR, etc – the ability to offer their customers seamless access to business insurance allows them to deepen their client relationships while adding a heretofore untapped revenue stream." While Coverdash digitizes the insurance process, it is not just a digital sales funnel. The company retains the human touch with real agents actively involved in the service offering, ensuring a personalized, white-glove experience. By combining innovation, industry expertise and a commitment to transparency, Coverdash is poised to become the go-to insurance agency for startups and SMBs (from pre-formation all the way to Series D+). ABOUT COVERDASH Founded in 2022, Coverdash is a fully-digital business insurance agency committed to transforming the business insurance process for startups and small businesses. Coverdash's revolutionary embedded technology enables any partner to host its end-to-end insurance experience with a single line of code. Coverdash serves all startups and SMBs from pre-formation all the way to Series D+. The company is headquartered in New York and is a licensed insurance agency across all 50 states. Interested in joining the Coverdash team? Check out our job listings here: * Chief of Staff * Commercial Insurance Account Executive * Commercial Insurance Account Manager * Head of Partnerships * Senior Partnerships Manager

Coverdash, the leading embedded insurtech specializing in business insurance, is thrilled to announce its SOC 2 certification. This certification underscores Coverdash's unwavering commitment to maintaining the highest standards of data security and highlights our dedication to providing secure insurance solutions to our customers. What is SOC Certification? SOC 2 certification demonstrates Coverdash's ability to protect sensitive customer information and maintain rigorous controls. The audit evaluates the suitability of our controls and adherence to operating effectiveness. Widely recognized as standard for data security, this significant milestone assures that customer data is securely handled. Coverdash's core mission is to simplify the process of buying and managing business insurance for a slew of customers, including e-commerce merchants, gig workers, startups, and business owners across all industries. We offer a comprehensive suite of commercial insurance products, including liability, property, workers' compensation, and cyber insurance. The SOC 2 certification is a foundational qualification that underscores Coverdash's devotion to data security and our commitment to the highest standard of service. "Obtaining SOC 2 certification is a major milestone for Coverdash," said Avery Rubin, CTO of Coverdash. "It validates our dedication to prioritizing the security and privacy of our customers' data. By meeting these rigorous data security standards, we can provide a reliable and secure insurance platform for businesses of all sizes. We are proud of this achievement and will continue to enhance our services to meet the evolving needs of our clients." Coverdash's achievement of SOC 2 certification showcases our dedication to excellence and the importance we place on safeguarding customer data. As we continue to grow and expand our offerings, customers can rest assured that their insurance needs are in the hands of a trusted and secure partner. About Coverdash Coverdash is a fully digital business insurance agency that specializes in serving the insurance needs of businesses of all shapes and sizes. Coverdash's embedded technology enables any partner to host its end-to-end insurance experience with a single line of code. Coverdash is headquartered in New York and is a licensed insurance agency across all 50 states. Interested in partnering with Coverdash? Check out: https://www.coverdash.com/partner

Introduction New York, NY - June 6, 2023 - Since launching our SMB insurance agency earlier this year, Coverdash has observed a concerning trend within the startup community: a widespread and growing problem of underinsurance, overexposure, and lacking risk management practices. This issue has impacted founders, investors, and employees, leaving them vulnerable to potential losses and lawsuits. A recent study revealed that a staggering 75% of startups in the U.S. are underinsured by 40% or more. The Startup Underinsurance Conundrum The underinsurance problem amongst startups has compounded in 2023, as founders face challenging economic times. To preserve their runway, many startups have been forced to cut corners on proper risk management practices, unknowingly exposing themselves to significant downside risk. Recognizing the need for proper risk management practices in the startup ecosystem, Coverdash is on a mission to provide accessible solutions to all startups, regardless of their business life cycle (Pre-Funded through IPO). Since our launch earlier this year, Coverdash has already made a significant impact by assisting dozens of startups and founders in navigating the complex world of insurance. Coverdash's Mission and Solution True to our mission, Coverdash is now launching a startup insurance offering tailored specifically to the needs of each startup. Through Coverdash's digital insurance experience, startup founders can now source fully-bindable insurance quotes from the nation's leading insurance companies, all within minutes. This streamlined process saves valuable time and ensures that startups can obtain the coverage they need to protect their businesses effectively. Instant Decision Management Liability for Startups As part of this release, Coverdash is proud to be the first digital insurance provider of its kind to expand its core offering to include instant decision/instant bind Management Liability products, which are universally required by the venture capital community and other investors. These comprehensive solutions provide essential coverage for various aspects of a startup's operations: * Directors & Officers (D&O) Insurance: This coverage offers financial protection for a startup’s founders, executives, and board members against claims related to management decisions. It covers legal defense costs, settlements, and judgments, safeguarding personal assets in case of lawsuits alleging mismanagement or breach of fiduciary duty. This coverage is universally required by the venture capital and other investor communities. * Employment Practices Liability (EPLI) Insurance: EPLI protection guards against claims related to employment practices, such as discrimination or wrongful termination. It covers legal defense costs, settlements, and judgments, and may also include coverage for wage disputes and retaliation claims. * Fiduciary and Crime Insurance: This insurance provides financial protection for startups against claims related to employee theft, fraud, or embezzlement. It also safeguards against claims alleging breach of fiduciary duty or errors in employee benefits plans. Fiduciary and Crime insurance covers legal defense costs, settlements, and judgments, making it crucial for startups of all sizes that offer employee benefit plans. Full Suite of Coverage: Coverdash's Comprehensive Startup Insurance Offering With the addition of Management Liability (D&O, EPLI, Crime, and Fiduciary), Coverdash can now cater to the full business insurance needs of startups of all shapes and sizes across the nation. In addition to Management Liability coverage, Coverdash's full startup insurance offerings include: * General Liability: General Liability insurance provides essential coverage for startups against third-party claims for bodily injury, property damage, or advertising liability. It covers legal defense costs, settlements, and judgments, protecting the business from financial losses due to accidents, injuries, or damage caused by the startup's operations. This coverage is universally required by landlords and shared workspace providers. * Business Owner's Policy (BOP): A Business Owner's Policy is a comprehensive insurance package that combines multiple coverages into a single policy, tailored to meet the specific needs of startups. It typically includes General Liability insurance, Property insurance, and Business Interruption insurance. This all-in-one solution offers convenience and cost savings, providing coverage for common risks faced by startups. The liability coverage that is included is universally required by landlords and shared workspace providers. * Workers Compensation: Workers Compensation insurance is crucial for startups with employees. It provides coverage for medical expenses, lost wages, and rehabilitation costs if an employee suffers a work-related injury or illness. This insurance not only protects the employees but also safeguards the startup from potential lawsuits arising from workplace injuries. This coverage is a legal requirement in most states in the U.S. * Cyber Insurance: In today's digital age, Cyber Insurance is vital for startups that handle sensitive customer data or rely on technology systems. It offers protection against data breaches, cyberattacks, and other cyber risks. Cyber Insurance covers costs related to data recovery, legal expenses, notification and credit monitoring for affected individuals, and potential liability arising from a cyber incident. * Professional Liability Insurance: Professional Liability insurance, also known as Errors and Omissions (E&O) insurance, is essential for startups that provide professional services or advice. It offers financial protection against claims of negligence, errors, or omissions in the services provided. This coverage helps cover legal defense costs, settlements, and judgments, safeguarding the startup from potential lawsuits that could arise from professional mistakes or inadequate advice. Revolutionizing Risk Management Practices Coverdash's tailored startup insurance is set to revolutionize risk management practices within the startup community. By providing easily accessible and fully-bindable insurance quotes in minutes, founders can now focus on building their businesses with confidence, knowing that they have the necessary coverage to mitigate risks. In conclusion, Coverdash's launch of tailored startup insurance is a significant step towards addressing the rampant underinsurance problem within the startup community. By offering accessible and comprehensive insurance solutions, Coverdash aims to empower founders, investors, and employees with proper risk management practices and financial protection. With the addition of instant decision/instant bind Management Liability products and a range of other coverage options, Coverdash is ensuring that startups have the necessary coverage to thrive in today's challenging economic landscape. About Coverdash Coverdash is a fully digital business insurance agency that specializes in serving the insurance needs of businesses of all shapes and sizes. Coverdash's embedded technology enables any partner to host its end-to-end insurance experience with a single line of code. Coverdash is headquartered in New York and is a licensed insurance agency across all 50 states. Interested in partnering with Coverdash? Check out: https://www.coverdash.com/partner

New York, NY- January 23, 2023 - Coverdash, a fully-digital business insurance startup providing simplified insurance solutions to businesses of all shapes and sizes, is pleased to announce the company's official launch and the closing of an oversubscribed seed funding round. Based in New York City, Coverdash simplifies the process of buying and managing business insurance for e-commerce merchants, gig workers, and all other types of businessowners. The company offers a broad range of commercial insurance products, including liability, property, workers' compensation, and cyber. Coverdash's digital insurance experience enables businessowners to quote, bind, pay for, and actively manage insurance policies in a matter of seconds. Through relationships with many of the world's most recognized insurers, Coverdash provides the coverages growing businesses need at the most affordable rates. Coverdash's embedded technology enables partners to easily offer insurance to existing customers with a single line of code. Integration is straightforward, requiring no extensive engineering resources or implementation. Coverdash's network of embedded partners include leading online market places, service providers, PEOs, lenders, brokers, and various other platforms who serve or transact with businesses nationwide. "Insurtech 2.0 is here, making the next phase of the embedded fintech revolution," said Ralph Betesh, co-founder and CEO of Coverdash, "We have created a frictionless transactional experience that is unseen within the insurance landscape. Our mission is to empower partners with these capabilities and help finally make insurance accessible and simple for business owners across the nation." Coverdash's funding round was led by Bling Capital, with participation from other notable investors, including AXIS Digital Ventures, Tokio Marine Future Fund (in affiliation with World Innovation Lab), Expansion VC, and Cameron Ventures. Multiple strategic angel investors also contributed to the round, including Greg Hendrick, CEO of Vantage Risk; Garret Koehn, president of CRC Insurance; and Steve Shenfeld, president of MidOcean Partners. "The development and adoption of commercial insurance APIs within the insurtech industry has reached a tipping point, enabling innovative companies with the opportunity to drive true growth and transformation," said Ben Ling, founder and general partner at Bling Capital. "We view Coverdash as the future of business insurance and embedded distribution. We're excited to stand alongside the team and support them as they move forward on this journey." This funding round will contribute to Coverdash's ongoing expansion and development through increased product innovation, go-to-market initiatives, and strategic hiring. About Coverdash Coverdash is a fully digital, business insurance agency that specializes in serving the insurance needs of businesses of all shapes and sizes. Coverdash's embedded technology enables any partner to host its end-to-end insurance experince with a single line of code. Coverdash is headquarted in New York and is a licensed insurance agency across all 50 states. For more information please visit LinkedIn, Instagram, Twitter or check out www.coverdash.com.