Covr Financial Technologies, a life insurance platform, has secured an investment of $10m in a Series A funding round.
The latest funding round involved the participation of existing backers. These include Nyca Partners, Commerce Ventures, Countour Venture Partners and Connectivity Capital Partners. They were also joined by new investor Allianz Life Ventures.
Allianz Life vice president of strategy and business development Emily Reitan said: “Covr brings a new and innovative technology to the table that has the ability to create positive change in the life insurance industry.
“Financial institutions see protection as an important component of the financial planning discussions they have with their customers – and Covr is in a unique position to tap modern technology to solve this challenge.”
The latest tranche of funding increases the total capital raised by the firm till date to over $20m.
CEO Mike Kalen said: “We are thrilled with our continued relationship with our investors and this latest funding will allow us to continue to innovate and support our expanding base of clients.”
The platform was set up in 2012 by Todd Ruplinger. The firm’s technology had been designed to enable financial advisers and their clients. Additionally, it aided the research and purchase of life insurance without having to go through the complexities of the traditional process.
The platform is used by 20,000 financial advisers and over eight million consumers.