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Coverdash, an SMB-focused embedded insurtech, raised $13.5 million in Series A funding led by Nyca Partners.

Why it matters: The platform simplifies the process of SMBs acquiring insurance. 

How it works: New York-based Coverdash enables its partners to offer insurance to customers by embedding a line of code on their platforms. 

It then connects the small business owners, online merchants and freelancers who use those platforms with coverage that meets their needs. 

Zoom in: Partners include payroll providers, point-of-sale providers, banks, vertical SaaS platforms, online merchant portals, and freelancer marketplaces.

Available policies include general liability, workers comp, directors and officers liability, and cyber and professional liability insurance.

Coverdash has integrated with dozens of insurance providers, streamlined their typical questions and unified them into a single user flow, allowing for a wider range of offerings. 

What they're saying: "In our flow, you come in, answer between five and 15 questions about your business, and then you're sourcing actionable and viable quotes," Coverdash CEO Ralph Betesh says.

"You're able to compare those quotes against each other... And then you're able to transact on any quotes in our environment without having to speak to one of our agents or being redirected anywhere."

Yes, but: While Coverdash has digitized the process of comparing quotes and securing insurance policies, it is a full-service insurance agency with agents on staff to answer questions and provide a personalized experience.

Between the lines: By embedding insurance as an option, partner platforms can create ancillary revenue while increasing customer engagement and retention rates.

Using their data, Coverdash can also recommend new insurance products when businesses on those platforms hit relevant company milestones. 

Existing investors Bling Capital, AXIS Digital Ventures, Tokio Marine Future Fund, Expansion VC, Cameron Ventures and others also participated in the round.

Altogether, Coverdash has raised $16 million since being founded in 2022.

Embedded insurance startup Coverdash raises $13.5M

Coverdash raised $13.5 million from venture investors.

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Fintech

Coverdash, an SMB-focused embedded insurtech, raised $13.5 million in Series A funding led by Nyca Partners.Why it matters: The platform simplifies the process of SMBs acquiring insurance.

Embedded insurance startup Coverdash raises $13.5M

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