Digital Life Insurance Platform Covr Financial Technologies Completes $15m Series B Fundraising Round

HARTFORD, Conn., April 7, 2022 /PRNewswire/ -- Covr Financial Technologies (Covr), a leading digital life insurance platform, has completed its Series B fundraising round including new investor Stone Point Ventures, and strong existing investor participation from 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's digital insurance technology is rapidly becoming the platform of choice for financial institutions and independent agents by offering a single digital insurance journey for multiple insurance carriers and product types. Covr's partners include some of the largest financial institutions, banks, and wealth management firms in the United States. Covr is the only embedded insurance platform that has both an advisor-facing and DTC platform on the same technology stack. This offers Covr's partners and their customers more options and the ability to transact business in a more efficient and customer friendly manner.

"We saw great success with this round of fundraising, and adding Stone Point Ventures to our list of investors is very exciting," said Michael Kalen, Covr CEO. "This fund raise 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."

"We are thrilled to participate in this round," said Peter Longo from Connecticut Innovations. "We've watched Covr grow and expand its digital insurance offering and look forward to continued innovations in this growing space."

Covr's fund raise will provide growth capital to continue to build market-leading digital insurance technology and support a growing number of distribution partnerships, financial advisors and insurance producers.

About Covr Financial Technologies
Covr partners with financial brands to provide life insurance solutions to their customers in an efficient, easy way that streamlines the process of selling and buying policies. Covr offers a choice of trusted life insurance products from leading insurance carriers, an easy way to compare rates, and the ability to purchase policies within minutes. Through its digital insurance solutions, Covr helps financial institutions deliver a great experience under the brand their customers already trust. Covr currently serves over 25,000 financial advisors and over 40 million customers across over 30 financial institutions. More information is available at www.covrtech.com or follow Covr at @covrtech and on LinkedIn.

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SOURCE Covr Financial Technologies, Inc.