Clearcover announces $50 million funding round
Clearcover, auto insurance startup, has announced $50 million in Series C funding led by OMERS Ventures.
Previous investors include American Family Ventures, IA Capital Group , and Cox Enterprise who also participated in the round, this round follows the company’s $43 million Series B, which closed in January 2019.
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. In addition to improving technology, funding capital now allows Clearcover to further growth and acceleration to expand to new markets across the U.S.
“This investment enables us to continue delivering better coverage – for up to 230 million licensed US drivers – for less money," shared Kyle Nakatsuji, Co-Founder and CEO of Clearcover. “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.”
Michael Yang managing partner at OMERS Venture shares, "Clearcover’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.”