Cover, the US-based operator of an insurance selling app, has completed a $16m series B round that included consumer electronics producer Samsung and industrial equipment maker Exor.
The round was led by venture capital firm Tribe Capital and also featured Y Combinator and Social Capital, while Samsung participated through corporate venturing subsidiary Samsung Ventures. It increased the total raised by Cover to $27m since it was founded in 2016.
Cover operates as a mobile-first insurance brokerage that sells insurance on behalf of some 50 partner firms. It will use the series B funding to expand the range of cover it provides and increase headcount.
Social Capital had previously led the startup’s $8m series A round, which was disclosed in July 2017 in tandem with a $3m seed round featuring internet group Tencent, Social Capital, Shasta Ventures, Sound Ventures, Sherpa Ventures, Maveron, SV Angel and Great Oaks that had previously been undisclosed.
