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November 10, 2021

GetCovered raises $7m in Series A round

American insurance software company GetCovered has closed its $7m Series A funding round that was led by RET Ventures.

The round also saw participation from Updater, Pelican Ventures, and Crocker Mountain.

The proceeds will help the firm to simplify the insurance process for property managers and renters.

Established in 2018 by Brandon Tobman, Dylan Gaines and Ryan Solomon, GetCovered aims to bridge the gap between the insurance and real estate industry.

GetCovered works with insurers, agencies, multifamily owners/operators, and proptech companies to track policies of tenants throughout the lease period.

It claims to help both insurance agencies and carriers upgrade their technology that enables them to sell any type of insurance online and administer billing and payments.

GetCovered CEO Brandon Tobman said: “By bundling all the relevant insurance products for apartment residents, we are able to simplify the process for each stakeholder while providing valuable ancillary benefits to landlords, including policy administration and COI tracking.

“Our mission has been to become the Shopify of Insurance and give the smaller Property Managers and Insurance Agencies access to the same tools the large companies have, and this capital infusion will help turn that vision into a reality.”

Besides capital investment, the investors provide direct access to GetCovered to over six million rental units and more than 30 million ft2 of real estate.

RET Ventures partner John Helm said: “GetCovered’s unique approach to partnership distribution helps them acquire customers much more cost-efficiently than their direct-to-consumer competitors.

“Besides its clear value to property managers, the company also has synergies with several of our portfolio companies, which made GetCovered a very compelling investment opportunity for us.”

GetCovered leverages APIs to integrate with a range of property management software such as Yardi Voyager, Onesite, MRI and Entrata.

It counts Updater, Marsh, NFP, Confie and other major insurance agencies among its commercial partners.

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