US-based automotive insurance platform Clearcover closed a $50m series C round on Friday backed by communications, media and automotive conglomerate Cox Enterprises and insurance provider American Family.
The round was led by Omers Ventures, the venture capital arm of Canadian pension fund Omers, and included investment firm IA Capital, while American Family participated through its corporate venturing subsidiary, American Family Ventures.
Clearcover operates an artificial intelligence-powered marketplace that helps drivers find and buy the most suitable and affordable car insurance in as little as 10 minutes. It also enables third parties in sectors such as automotive financing to integrate its product into their own offering.
The service is currently available in Arizona, California, Illinois, Ohio and Utah, and the company will use the series C funding to enter additional US states. It also intends to double headcount and attract additional distribution partners.
Michael Yang, managing partner at Omers Ventures, will join Clearcover’s board of directors in conjunction with the round. The company has now raised $104m in funding since it was founded in 2016.
Cox Enterprises led a $43m series B round in January 2019 that also featured American Family Ventures, IA Capital, Lightbank, Hyde Park Angels and an undisclosed amount of debt financing from Silicon Valley Bank.
Lightbank had led the company’s $11m series A round in 2017, with contributions from Greycroft, 500 Startups, Silicon Valley Bank and unnamed additional investor.
Image courtesy of Clearcover.
