American insurance technology firm Get Covered has raised $6m in its Series A-2 funding round to accelerate business growth.
The round was joined by RET Ventures, State Farm Ventures, WISE Ventures and LeFrak.
State Farm Ventures vice president Michael Remmes said: “Get Covered’s technology-based solution of offering renters insurance as an embedded option within the tenant leasing process is an intriguing approach to meet the needs of more customers.
“We believe that our agent-based distribution model in combination with their platform approach to serve the institutionally-managed property market could deliver a strong customer experience for renters.”
The company raised $7m in its Series A funding round, which was also led by RET Ventures in November last year.
The latest funding round takes the total funds raised by the company till date to $14.5m.
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Get Covered intends to use the proceeds to develop new products and hire more people.
The company also plans grow partnerships with insurance carriers, agencies and proptech companies.
Get Covered also plans to grow its client base of renters, apartment owner/operators and property managers and foray into new markets.
Get Covered CEO Brandon Tobman said: “Insurance is a fundamental component of renting for residents, owners, operators and property management teams.
“Insurance is one of the oldest industries in the world, and it’s also one of the most challenging to change. We are proud of the technology solutions we’ve created that have alleviated many of the friction points in buying and tracking insurance. We are excited to continue growing and providing better experiences for renters and optimizing risk mitigation strategies for operators.”
Get Covered, which was founded by Brandon Tobman, Dylan Gaines and Ryan Solomon in 2018, aims to bridge the gap between the insurance and real estate industry.
It works with insurers, agencies, multifamily owners/operators, and proptech companies to track policies of tenants throughout the lease period.
Get Covered is said to have added over 600,000 units to its all-in-one activation and COI tracking platform in 2022. Currently, the company operates in 48 US states and has been deployed in over 3,500 apartment communities across the country.