CoverWallet Raises $7.8 Million, Adds Jim Ermilio as President of Insurance


CoverWallet is excited to announce today that we’ve receive $7.8 million in funding in a Series A round led by Union Square Ventures. To date, we’ve raised $9.5 million.

In addition to Union Square Ventures, Index Ventures and previous investors Highland Capital Partners, Two Sigma Ventures, and Founder Collective participated in the Series A round. We’re also welcoming John Buttrick of Union Square Ventures to the board, who has previously led investments in startups reinventing financial services industries, such as Lending Club, SigFig, and RealtyShares.

Launched in early 2016, CoverWallet provides a concierge-like service that is reinventing how small businesses deal with commercial insurance. We’re combining data, design, and technology to simplify the complexities of insurance, and provide a digital solution to fundamentally change how business owners buy and manage policies.

“The $100B US small business insurance market is on the verge of a big paradigm shift. Business owners expect to deal with insurance online, in the same way they use consumer friendly online technologies to deal with banking, payroll, accounting or sales”, said Rashmi Melgiri, COO and co-founder of the company.

CoverWallet is also announcing that Jim Ermilio has joined as President of Insurance. Jim previously was CEO of online auto insurance company Goji and Executive Vice President at Commerce Insurance.

“We are very excited to welcome Union Square Ventures, Index Ventures and executives who have a proven track record in building online brands that reinvent entire markets”, said Inaki Berenguer, CEO of CoverWallet.  “Buying and managing insurance feels analog and painful. With CoverWallet, we are building a customer-centric online product that is both beautiful and intuitive. We are reinventing how small businesses get insurance, saving time and money.”

CoverWallet’s online platform provides a better customer experience, through online education, tailored service, and digital management capabilities. We’re currently helping clients manage a varied set of commercial insurance policies such as general liability, commercial property, workers compensation, directors and officers, professional liability, errors and omissions, and cyber liability coverages.

CoverWallet has already established strategic partnerships with leading national insurance carriers, and is preparing to announce major new products in the coming months.

About CoverWallet

Based in New York City, CoverWallet is the easiest way to understand, buy and manage insurance for your business. It combines data, design and technology to help small businesses deal with their insurance needs with a few clicks, whether from their phone or online. With an intelligent assessment system and concierge-like service, CoverWallet saves time and provides peace of mind by making managing insurance simple and intuitive. For more information, please visit www.coverwallet.com.

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