Covr Financial Technologies, a US-based digital life insurance platform, has raised $15m from Series B fundraising round.

The round has seen participation from new investor Stone Point Ventures, and existing investors Sony Innovation Fund by IVG, Aflac Ventures, Allianz Life Ventures, Connecticut Innovations, Fairview Capital, Contour Venture Partners, Commerce Ventures and Tribeca Early Stage Partners.

The company’s digital insurance technology provides a single digital insurance journey for several insurance carriers and product types.

Its partners include financial institutions, banks, and wealth management firms in the US.

Covr is claimed to be the only embedded insurance platform with an advisor-facing and DTC platform on the same technology stack.

According to Covr, this feature enables its partners and their customers to have more options and the ability to transact business easily and efficiently.

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Covr CEO Michael Kalen said: “We saw great success with this round of fundraising and adding Stone Point Ventures to our list of investors is very exciting.

“This fund raise will allow Covr to continue to grow and lead the way in digital insurance solutions that make the process simpler and more engaging for advisors and consumers.”

The funding round will provide it with capital to build its digital insurance technology and support distribution partnerships, financial advisors and insurance producers.