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Bling Capital-backed Coverdash Unveils Its Built-in, Digital Small Business Insurance • TechCrunch

cover dashwhich provides insurance to small businesses, e-commerce merchants and gig economy workers, launched its product in all 50 states after raising more than $2.5 million in seed funding.

The round was led by Bling Capital, with participation from investors including AXIS Digital Ventures, Tokio Marine Future Fund (in partnership with World Innovation Lab), Expansion VC and Cameron Ventures. A group of strategic angel investors also participated, including Greg Hendrick, CEO of Vantage Risk; Garrett Koehn, president of CRC Insurance; and Steve Shenfeld, president of MidOcean Partners.

New York City-based insurtech was founded in 2022 by Ralph Betesh, David Vainer, and Avery Rubin to help smaller businesses find coverage in seconds and provide built-in technology so that partners who work with businesses, such as online marketplaces and service providers, can plug into Coverdash’s end-to-end insurance experience with a single line of code. The company secured 35 of these partners before launch, Betesh told TechCrunch.

Betesh, who started his career in insurance banking, said big insurance companies want those equally-sized policies to grow investors, so they often target large companies, and have done so for years.

However, he saw a dynamic shift over the past two or three years with major airlines looking to smaller companies “as a way to raise fragmented premiums without necessarily competing against each other,” Betesh said. This is where many startups have been successful in developing some niche approaches to solve the insurtech problem, and also attract venture capital dollars.

Coverdash insurance

Coverdash’s insurance dashboard. Image Credits: cover dash

Betesh himself began to look at what the process was for small businesses to underwrite insurance and discovered, in his words, “a lot of clumsiness” and “shady” processes with no transparency. In addition, customers could not buy policies without talking to a human being.

“It just wasn’t the buying experience I expected,” added Betesh. “We felt that this was inconsistent with the expectations of small businesses in the US, especially small businesses with technology.”

So the team set out to create a product that would make insurance accessible to small businesses of all shapes and sizes that was seamless and simple. It partners with more than a dozen carriers to offer policies including liability, property, workers’ compensation, and cyber.

Here’s how it works: Customers come to the Coverdash site and can get a quote, tie policies together, pay for them and manage them in seconds. Betesh said that the customer is not redirected to a payment portal, a courier portal or to talk to an agent, everything can be done through Coverdash.

While the company offers policies in a direct-to-consumer format, Betesh said Coverdash’s future scale and revenue will likely come from policies sold through those partners who will integrate the technology into their websites.

Meanwhile, the new funding will be used for go-to-market initiatives, product and technology development and hiring.

“The development and adoption of commercial insurance APIs within the insurtech industry has reached a tipping point, empowering innovative companies to drive real growth and transformation,” said Ben Ling, founder and general partner at Bling Capital, in a written statement. statement. “We see Coverdash as the future of business insurance and integrated distribution.”

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