CoverWallet Raises $2M in Seed Round with Two Sigma Ventures, Others

Coming out of stealth mode this week, New York-based CoverWallet, an online business insurance manager, said it raised $2 million in a seed round with Two Sigma Ventures, Highland Capital Partners, Founder Collective, and angel investors.

CoverWallet specializes in serving small businesses that need help navigating commercial insurance. Its co-founder and CEO, Inaki Berenguer, was a co-founder and chief executive of photo app-turned-digital media publisher Pixable, which was acquired in 2012 by SingTel and then shut down in late 2015.

CoverWallet said it adopted a design and approach comparable to online services for managing banking, payroll, and other services—something that the company asserts had been lacking in the insurance industry. The startup’s software platform offers risk analysis, coverage recommendations, claims support, and data analytics.

Author: João-Pierre S. Ruth

After more than thirteen years as a business reporter in New Jersey, João-Pierre S. Ruth joined the ranks of Xconomy serving first as a correspondent and then as editor for its New York City branch. Earlier in his career he covered telecom players such as Verizon Wireless, device makers such as Samsung, and developers of organic LED technology such as Universal Display Corp. João-Pierre earned his bachelor’s in English from Rutgers University.