CoverTree, an insurtech company specializing in manufactured home insurance solutions, announced the completion of a $13 million Series A funding round led by Portage, with participation from investors like AV8, Distributed Ventures, Detroit Venture Partners, Ludlow Ventures, Annox Capital, and others.
So far, CoverTree has raised $23 million to offer affordable insurance solutions to the growing manufactured housing economy. This Series A funding round highlights the growing demand for modernized insurance products in the ever-evolving homeownership industry.
Over 22 million Americans live in manufactured homes in the US, which presents a growing market opportunity for CoverTree. The funds raised will enable CoverTree to accelerate its mission of reshaping the home insurance sector and further build out an enterprise suite, including the launch of Maple (a resident insurance management software for property managers), Bonsai (a binding and underwriting platform for independent agents and lenders), and Sequoia (an automated underwriting and quoting system for insurance book conversions). The Series A funding round marks a major moment for the company, enabling it to expand its product offerings and strengthen its market presence within a historically overlooked market.
With the first digital insurance offering for manufactured homes, CoverTree’s commitment to customer satisfaction has positioned the company as a leading insurtech, setting new standards for transparency, simplicity, and personalization for this category. And the Series A funding round will further enable CoverTree to invest in product development, scale its operations, and attract top talent to continue its mission of reimagining home insurance.
KEY QUOTES:
“With the continually changing homeownership industry, we are excited to continue expanding our services to the growing manufactured housing industry: we believe this is the future of how all Americans will live. This investment is a testament to the value we bring to homeowners by redefining the insurance experience. With these funds, we will continue to innovate, expand our reach, and ultimately provide even more individuals with peace of mind through our high tech and accurate home insurance solutions.”
- Adarsh Rachmale, Co-Founder and CEO of CoverTree
“CoverTree’s focused approach on manufactured home insurance aligns with our strategy of investing in companies that leverage technology to disrupt and enhance existing large niche markets. With a growing market and the need for affordable housing greater than ever, we are confident in CoverTree’s ability to drive positive change in the insurance landscape and are excited to support their journey.”
- Portage’s Co-Founder and CEO Adam Felesky – who joined the board
“The next stage of growth adds a new dimension to the CoverTree technology platform with the launch of products combining Enterprise Software, underwriting, and AI. We have innovated with a unique abstraction layer integrated with our core systems that allows us to grow profitably in various distribution channels. Our distribution technology is able to reach manufactured home residents in relatively rural parts of the US without running marketing ads.”
- Divyansh Sharma, CTO at CoverTree
