CoverTree, a Detroit, MI-based insurtech company specializing in manufactured home insurance solutions, raised $13M in Series A funding.
The round was led by Portage, with participation from investors such as AV8, Distributed Ventures, Detroit Venture Partners, Ludlow Ventures, Annox Capital, and others.
Led by CEO Adarsh Rachmale, CoverTree is an insurtech company focuses on bringing digital distribution, automated underwriting, and data-driven pricing to specialty personal lines of insurance. Its manufactured home product is available in Arizona, Michigan, Indiana, New Mexico, Ohio, Illinois, Tennessee, Texas, Arkansas, South Carolina, Kansas, Oklahoma, Georgia, and Alabama.
The company intends to use the funds to further build out an enterprise suite including the launch of Maple, a resident insurance management software for property managers, Bonsai, a binding and underwriting platform for independent agents and lenders, and Sequoia, an automated underwriting and quoting system for insurance book conversions.
Commenting on the news, Adarsh Rachmale said: “This investment is a testament to the value we bring to homeowners by redefining the insurance experience. With these funds, we will continue to innovate, expand our reach, and ultimately provide even more individuals with peace of mind through our high tech and accurate home insurance solutions.”
