The round was 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 , 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
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