Professional services firm Aon agreed on Wednesday to acquire US-based digital business insurance platform CoverWallet for an undisclosed sum, allowing insurance firms CV Starr and Zurich Insurance to exit.
Founded in 2015, CoverWallet runs an online platform where small and medium-sized businesses can access insurance policies.
The company will join Aon’s New Ventures Group, where it will lend data and analytics expertise as part of a range of services Aon offers to growth-stage clients.
CoverWallet co-founder and CEO Inaki Berenguer said: “We started CoverWallet to reinvent commercial insurance. By building our customer-centric platform and leveraging advanced data science, beautiful design and state-of-the-art technology, we have been able to simplify insurance.
“Aon’s shared vision means we can continue pushing the boundaries of innovation into new markets and new products at a greater scale.”
Zurich Insurance invested an undisclosed amount in CoverWallet in June 2018. The company had previously raised more than $30m, $18.5m coming in a late 2017 series B round led by Foundation Capital and backed by CV Starr, Union Square Ventures, Index Ventures and Two Sigma Ventures.
CoverWallet had previously secured $7.8m in series A funding the year before, from Union Square Ventures, Index Ventures and existing investors Highland Capital Partners, Two Sigma Ventures and Founder Collective.
