Communications, media and automotive conglomerate Cox Enterprises led a $43m series B round for US-based online auto insurance platform Clearcover yesterday that included insurance firm American Family.
IA Capital Group, Lightbank and Hyde Park Angels also took part in the round, which included an undisclosed amount of debt financing from Silicon Valley Bank, while American Family invested through corporate venturing unit American Family Ventures.
Founded in 2016, Clearcover has developed an online platform that uses artificial intelligence to help drivers find and buy policies for their vehicles.
The service is also offered through distribution partners in the insurance, financial services and automotive e-commerce sectors. ClearCover will put the funding toward growing its partner network, enhance its platform and launch in new US states.
Spencer Boice, senior director of strategy and corporate development for Cox Enterprises, said: “Cox Enterprises is proud to take a leading role in accelerating and supporting innovation within the car insurance industry.
“With the rise of new digital platforms, drivers can now find better, non-traditional insurance options and Clearcover is positioned to make a huge impact in a roughly $250bn market. Clearcover shares our vision of using data and technology to drive smarter connections and more convenience online.”
Lightbank led the company’s $11m series A round in mid-2017, investing alongside Greycroft, 500 Startups, Silicon Valley Bank and unnamed additional participants.