CoverForce is a technology company.
CoverForce offers white-label software platforms, a standalone API, and AI capabilities to enhance commercial insurance distribution.
CoverForce has raised $18.0M across 2 funding rounds.
CoverForce has raised $18.0M in total across 2 funding rounds.
CoverForce has raised $18.0M in total across 2 funding rounds.
CoverForce's investors include Insight Partners, AirAngels, Gradient Ventures, Trajectory Ventures, James Beshara, John Riccitiello, Scott Belsky.
CoverForce is an insurtech startup building an API-first platform that modernizes commercial insurance distribution by enabling instant quoting, comparison, binding, and policy issuance across carriers.[1][3] It serves brokers, agencies, wholesalers, insuretechs, developers, banks, PEOs, and agency systems, solving fragmented workflows, manual processes, and digital disconnects in the $300B+ U.S. commercial insurance market.[1][2][3] The platform has strong growth momentum, supporting over 10,000 agencies, integrating with 20+ carriers and MGAs, processing hundreds of millions in quoted premium, and earning spots like CB Insights' 2025 list of 50 most innovative insurtechs; it raised a $5M seed in 2023 and $13M Series A in March 2025, backed by Insight Partners, QED Investors, Nyca Partners, and others.[1][4][5][6]
CoverForce emerged from stealth in late 2023, founded by insurance and big tech veterans: Cyrus Karai (CEO), Kaivan Wadia (CTO), and Behram Dinshaw (Chairman), drawing experience from The Hartford, Google, Chubb, Amazon, and more.[1][2][6] The idea stemmed from founders' frustration with commercial insurance's "messy and complex" legacy infrastructure, aiming to create "simpler, smarter pathways" via APIs, much like modern internet services.[2] Early traction included a $5M seed round from Sidekick Partners, Muir Capital, QED Investors, Moving Capital, and others, followed by product launches for agency networks, wholesalers, and software firms, plus partnerships like NowCerts for instant quoting.[4][6]
CoverForce rides the insurtech wave digitizing the outdated $300B commercial insurance sector, where APIs and AI address slow quoting (days/weeks) amid rising cyber/property risks and regulatory pressures.[1][3][4] Timing aligns with carrier digitization demands, post-pandemic remote work shifts, and AI advancements enabling 95% document accuracy—market forces like S&P-noted cyber growth (fastest subsector) favor its toolkit.[1][4] It influences the ecosystem by powering open connectivity for 10,000+ agencies, fostering partnerships (e.g., NowCerts), and setting standards for API-driven distribution, much like Stripe transformed payments.[3][4]
CoverForce is positioned for explosive growth, leveraging its API moat and AI to capture more commercial lines amid insurtech consolidation. Expect deeper carrier integrations, international expansion, and potential Series B as premiums scale past billions; trends like embedded insurance and generative AI will amplify its edge, evolving it from infrastructure provider to ecosystem orchestrator—echoing its mission to make insurance "as easy as the internet."[2][3]
CoverForce has raised $18.0M across 2 funding rounds. Most recently, it raised $13.0M Series A in March 2025.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Mar 1, 2025 | $13.0M Series A | Insight Partners | |
| Dec 1, 2021 | $5.0M Seed | AirAngels, Gradient Ventures, Trajectory Ventures, James Beshara, John Riccitiello, Scott Belsky |