CoverTree, an insurtech company in the manufactured housing industry, has gained $13 million in funding round with large investments from Portage, AV8 Ventures, Distributed Ventures, Detroit Venture Partners, Ludlow Ventures, and Annox Capital.
CoverTree plans to use the new capital to expand operations in multiple states in the sun belt and upper midwest.
Co-Founder and CEO Adarsh Rachmale is enthusiastic about the growing manufactured housing industry, stating that the investment validates CoverTree’s efforts to redefine the insurance experience.
“The funds will be used to innovate and expand the company’s reach, aiming to provide reliable and precise home insurance solutions,” Rachmale said.
CoverTree will introduce new products such as Maple, a software for managing resident insurance, Bonsai, a platform for binding and underwriting, and Sequoia, a system for automated underwriting and quoting.
Portage Co-Founder and CEO Adam Felesky has joined the company’s board of directors. This strategic move underscores Portage’s commitment to CoverTree’s success and brings valuable industry expertise to help guide the company’s strategic direction. By partnering with yet another organization, Markel, CoverTree seeks to transform the market segment through advanced coverage options, sophisticated pricing, and cutting-edge technology.
This strategic move underscores Portage’s commitment to CoverTree’s success and brings valuable industry expertise to help guide the company’s strategic direction.
“With the continually changing homeownership industry, we are excited to continue expanding our services to the growing manufactured housing industry… we believe this is the future of how all Americans will live,” Rachmale said. “This investment is a testament to the value we bring to homeowners by redefining the insurance experience.”
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