CoverWallet

CoverWallet is the digital platform for the insurance companies and independent insurance agents working with small and medium business. The solution automates customer interaction — from their search and providing the greatest number of insurance products to them to assessment of damage and compensation of insured events. The American company CoverWallet is founded in 2015.

History

2020: Fort Ross Ventures sold the share in CoverWallet

On January 17, 2020 the Fort Ross Ventures venture fund announced sale of the share in CoverWallet for $6.5 million. It was purchased by Aon company — technology integrator in the field of insurance and health care.

CoverWallet is one of bright startups in the field of commercial insurance. Undoubtedly, the company is expected by success not only in the American market. Now we actively discuss possibilities of an entry of CoverWallet into the Russian market in the medium term. This acquisition unambiguously will give to Aon new opportunities for development of services of digital insurance on a global scale — the managing partner    of Fort Ross Ventures Victor Orlovsky said.

Thanks to this transaction as it is specified in the press release, Aon will expand the positions in the fast-growing market of services of insurance of the small companies and will use possibilities of CoverWallet in the field of technologies, data and analytics for development and scaling of digital solutions for clients.

Cooperation of fund with CoverWallet does not come to an end with an exit from investment. Fort Ross Ventures is going to give to the company consulting support on entry into the Russian market.  By the beginning of 2020 CoverWallet carries out active expansion on the markets of Europe, Australia and other countries. 

Fort Ross Ventures sold a share in the developer of the digital platform for insurance

According to Vedomosti in four years of work, CoverWallet attracted in total $28 million. What share Fort Ross Ventures owned, it is not reported. Also invested Union Square Ventures, Foundation Capital and Index Ventures in the company.^[1]

Notes