Insurtech company Cover Whale Insurance Solutions, which specialises in connected insurance for commercial vehicles, has raised $27.5m from investment funds run by Morgan Stanley Expansion Capital in both debt and equity.
The investment round, which also saw current loan investors convert into Series A preferred stock, will help Cover Whale expand to develop and accelerate its efforts to reform transportation insurance and improve road safety in America.
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With this finance, Cover Whale’s profitable and expanding firm will have a solid balance sheet.
Cover Whale is recognised for its ability to give bound coverage and policy quotations to agents and their trucking clients in an instant.
To further increase quote speed and enhance service quality, Cover Whale is actively developing in its platform and technology.
Moreover, Cover Whale was established in 2019 and operates on a distinct business model that combines real-time driver coaching, sophisticated telemetry, and quick, easy quotations.
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By GlobalDataThrough technology-driven techniques, it aims to change commercial trucking insurance, boosting financial performance and road safety with measurable outcomes.
Dan Abrahamsen, CEO of Cover Whale said: “Cover Whale was built from the ground up to transform commercial auto insurance with technology at our core. We believe this investment from Morgan Stanley Expansion Capital will support our continuing mission to deliver the industry’s leading trucking insurance experience, building on the positive impact we’ve already made for our agents, drivers, and the general motoring public.”
Nick Nocito, executive director of Morgan Stanley Expansion Capital added: “We believe Cover Whale is a rare instance where the team has built a large-scale insurtech MGA and achieved consistent profitability while remaining capital efficient. We are looking forward to partnering with the team as they continue to grow the platform and pursue new avenues of growth.”
