Clearcover car insurance raises $43M in Series B funding

CHICAGO, Jan. 22, 2019 (GLOBE NEWSWIRE) -- Clearcover, the smarter car insurance choice, announced today a Series B financing round of $43M led by Cox Enterprises, the media, communications and automotive services company. Additional investors include American Family Ventures, IA Capital Group, Lightbank, and Hyde Park Angels, while Silicon Valley Bank provided debt financing. Clearcover’s technology-driven approach, including its industry-first API platform, has enabled the company to provide high-quality, affordable car insurance to thousands of drivers since launching in early 2018.

“It’s gratifying to see our customer-focused, technology-driven business model resonating with the market and we’re excited to partner with Cox Enterprises on our mission to provide millions of drivers across the US with better insurance experiences and lower prices,” said Kyle Nakatsuji, CEO of Clearcover. “We’ll use the funding to further invest in our API platform, launch new states, integrate new distribution partners and hire more than fifty people across our Engineering, Data Science and Customer Advocate teams.”

“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 $250 billion market,” said Spencer Boice, Senior Director of Strategy and Corporate Development at Cox Enterprises. “Clearcover shares our vision of using data and technology to drive smarter connections and more convenience online.”

Since launching in California in February 2018, Clearcover has rapidly grown its API platform relationships, sold thousands of policies, and helped drivers collectively save millions of dollars on car insurance. The company has integrated with a variety of distribution partners across the automotive, insurance and financial services industry, including Cars.com, The Zebra, and Chime, and will be rapidly expanding both its state footprint and partnerships in 2019.

To learn more about Clearcover, visit: https://clearcover.com.

To learn more about partnering with Clearcover, visit: https://clearcover.com/api/

To see Clearcover’s open positions, visit: https://www.builtinchicago.org/company/clearcover

About Clearcover
Clearcover is the smarter car insurance choice, offering better coverage for less money. The company combines modern technology with a customer-focused mindset to deliver a convenient experience, reliable service and affordable prices. Backed by one of the world’s biggest reinsurers and built for the modern world, Clearcover makes it easy to save money and get insured in minutes.

Additional Resources:
Read SMARTER, the Clearcover blog: https://clearcover.com/blog
Follow Clearcover on Twitter: https://twitter.com/clearcover
Connect with Clearcover on Facebook: https://www.facebook.com/Clearcoverinc/

Media Contact:
Alice Patel
Director of Communications & PR
alice@clearcover.com
312-780-9614