CoverTree, an insurtech company specializing in manufactured home insurance, has successfully raised $13 million in Series A funding. Portage led the investment round, with participation from AV8, Distributed Ventures, Detroit Venture Partners, Ludlow Ventures, and Annox Capital, among others. This latest funding round brings CoverTree’s total capital raised to $23 million, reinforcing its mission to offer modern and cost-effective insurance solutions to the manufactured housing sector.
The investment infusion will fuel CoverTree’s expansion efforts, focusing on bolstering its technological infrastructure and service offerings. Noteworthy developments include the creation of new enterprise software tools such as Maple, a resident insurance management software tailored for property managers; Bonsai, a binding and underwriting platform catering to independent agents and lenders; and Sequoia, an automated underwriting and quoting system facilitating insurance book conversions. These advancements are designed to streamline insurance processes and elevate service standards within an industry traditionally underserved by conventional home insurance models.
As CoverTree implements these innovations, it seeks to redefine the insurance landscape for homeowners in the manufactured housing market. According to the company, this sector represented 11% of all new single-family homes in 2022, underscoring the significance of CoverTree’s mission.
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By Proptechbuzz
By Ravi Kumar
