What is Clearcover?
Founded in 2016 by Kyle Nakatsuji and Derek Brigham, Clearcover is revolutionizing the auto insurance industry with its API-first approach and AI-driven technology. Headquartered in Chicago, Illinois, the company offers affordable, smarter, and faster car insurance, prioritizing customer needs. Clearcover's innovative model streamlines the insurance process, enabling customers to save money through faster claims, easy payments, and exceptional services. Available in 19 states, Clearcover sells policies on a six-month basis, allowing for quicker re-rating and better rates for good drivers. The company also provides flexible coverage options, including a cash payout for transportation needs, and specialized coverage for rideshare drivers. Its award-winning mobile app enhances policy management and customer experience, solidifying its position as a leader in digital auto insurance.
How much funding has Clearcover raised?
Clearcover has raised a total of $304.5M across 4 funding rounds:
Series A
$11.5M
Series B
$43M
Series C
$50M
Series D
$200M
Series A (2017): $11.5M with participation from Greycroft Partners, 500.com, Silicon Valley Bank, and Light Bank
Series B (2019): $43M led by Lightbank, IA Capital Group, Cox Enterprises, Hyde Park Angels, and American Family Ventures
Series C (2020): $50M supported by IA Capital Group, Cox Enterprises, American Family Ventures, and Omers Ventures
Series D (2021): $200M featuring Eldridge Industries, OMERS Ventures, COX ENTERPRISES, INC, and American Family Ventures
Key Investors in Clearcover
Eldridge Industries
Eldridge Industries is a diversified asset management and insurance holding company that manages substantial capital across multiple investment and insurance platforms, focusing on sophisticated investment strategies and integrated insurance and retirement solutions.
OMERS Ventures
OMERS Ventures is an investment group that offers pension plans for employees through various businesses, actively investing in growth-stage companies.
Cox Enterprises
Cox Enterprises is a global conglomerate operating in communications, automotive, and media industries, with a history of strategic investments in emerging technologies and a focus on sustainable business practices.
What's next for Clearcover?
With its recent major strategic investment, Clearcover is poised for accelerated growth and market penetration. The company's focus on leveraging technology to disrupt the traditional insurance landscape suggests a strategic expansion into new markets and product development. Future initiatives will likely involve enhancing its AI capabilities, further optimizing its digital platform, and potentially exploring partnerships to broaden its reach. The consistent backing from prominent investors indicates strong confidence in Clearcover's business model and its potential to capture a larger share of the auto insurance market, particularly among tech-savvy consumers seeking convenience and cost savings.
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