Covered Insurance, a Denver-based startup that connects consumers and mortgage lenders to insurance providers, announced recently that it completed a seed round of funding in which the company raised $700,000.
“We see a remarkable opportunity to streamline and explain insurance in plain language that everyone understands,” Ross Diedrich, Covered’s co-founder and CEO, said. “This funding allows us to build on the traction we’ve established and reach more lenders and consumers faster.”
Covered currently partners with Travelers, Encompass, Dairyland, Safeco, Stillwater, Progressive, Hanover, and other major insurance carriers.
By using Covered’s platform, consumers can compare multiple insurance quotes from various insurance carriers and receive immediate assistance from trained, licensed insurance agents.
Mortgage lenders can use Covered to offer multiple, impartial insurance quotes to their borrowers.
According to the company, its platform has benefits for both consumers and mortgage lenders. For consumers, they can compare multiple insurance quotes in an “easy, understandable way,” the company said.
The company also said that it can help shorten the time required for borrowers to obtain homeowners insurance from days to minutes, which helps mortgage originators close more loans.
The company said that it plans to use the money from the seed round of funding to expand its operations to markets throughout the country.
Participating in the seed funding were Hills Regional Angel Fund, and Ozmen Ventures, an early stage venture capital fund based in Reno, Nevada.
“We are very pleased with early traction, a great team, and an enormous market opportunity,” Luke Lester, leader of the due diligence team at the Black Hills Regional Angel Fund, said.
“Covered has been executing and growing fast,” Kerem Ozmen of Ozmen Ventures, said. “CEO Ross Diedrich, a fellow University of Nevada, Reno graduate, is driven to modernize the insurance industry and Ozmen Ventures shares his commitment to innovation.”