Sydney-based startup Upcover has raised $4.7m in the recent funding round
- ByStartupStory | July 8, 2022
The round was led by venture capital firms Antler Australia and Betterlabs, as well as several industry executives such as Colin Morgan, the erstwhile Zurich Insurance Global Life CEO for APAC, Patricia Priest, GM of QBE LMI (Lenders’ Mortgage Insurance), Raf Uy, CFO of global fintech Etika, as well as Raf Niesten, CEO of Bricks + Agent. Skye Theodorou & Anish Sinha cofounded upcover, which debuted its API-based integrated SMB insurance product in 2021.
The upcover platform is home to over 5,000 small enterprises, independent traders, and independent contractors. Since its inception 8 months ago, revenue has increased by 20% month on month, and the company has released 4 new insurance products. The funding will be utilized to create new products and acquire new customers. Skye Theodorou saw the need for a tech shake-up after working in the insurance sector for over a decade.
Anish Sinha, her co-founder, estimates that the domestic SMB insurance industry is worth roughly $10 billion, with four incumbents owning 80% of it. “Upcover is democratizing this ecosystem whilst also allowing any business, brand, or online marketplace to become insurance policy distributors and, in turn, monetize their client base,” he added. “We’ve opened up the ecosystem by offering insurance policies programmatically available, so developers and/or brands may integrate an insurance checkout within their brand’s user experience.”
“Upcover is managed by a remarkable founding team, and we have been an enduring backer since their very first round,” Antler Managing Partner Bede Moore said. We anticipate they are laying the groundwork for a massive insurtech potential. Professional Indemnity, Public & Products Liability, COVID-19 Bounceback insurance, and Commercial Motor (including rideshare and delivery) are among the insurance products offered by Upcover, with Tools of Trade, Glass, Personal Accident, and Management Liability following later this year.
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