🥳 upcover , Australia’s digital-first commercial insurance broking company has raised $19M 🥳

Founders  …. Amish Sinha Skye Theodorou and Sajjad Naveed  have raised $19m in a series a round for their company Upcover, which they founded in 2021.,

The funding will support the expansion of digital insurance products in 2025, building on its existing base of 60,000 businesses using the platform.

The Pain 

They Identified a pain that general insurance is mainly analogue and very little digital with less choice . The existing analogue customer experience is painful and cumbersome , and has provided an enormous opportunity for a digital disruptor to change the paradigm.

The Investment and the Investors 

The round comprised of $11 million in equity, with  $8 million raised by the way of debt financing from Marshall Investments.

The Antler team helped build a panel of 

Investors include the whose who of  VC including 

• RealVC (Paul, Martin and Matt), alongside Marshall Investments Pty Ltd (David Marshall, Christopher, Anthony, and Daniel)
• Antler's Global Elevate Fund (Fady, Teddy and Martell), 
• Gandel Invest (Tony and Adam Gandel), 
• MoreThan Capital (Tim Throsby and Caroline C.), 
• Angophora Capital (Guido Belgiorno-Nettis and Massimo) and  
• RAC WA BetterLabs (James, Derek and Brad). 

I love the way the founders acknowledge their mentors and team including -  Richard, Brian Hartzer, John Lydon, Christian Wanner, Raf, Benjamin Haan, Melanie Slack

The Upcover Marketplace  

More than 3m ANZ businesses buy $20B in business insurance every year, 90% of it via emails and pdfs. From quoting, to getting their insurance docs to paying for their policies to renewing them - everything is analog.

Their goal was  to make business insurance digital, accessable and affordable 

Since launching the upcover platform in 2021, they have signed on more than 20 global & local insurers and underwriters, enabled digital insurance journeys for thousands of industries and assisted 60,000+ ANZ SMBs, startups and scale-ups with business insurance. And they are just getting started. 

What Amish Sinha has to say 

“Anthony Millet you were an absolute rock in our capital raise journey last year and upcover wouldn't be where it is today without you and Bede believing in Skye Theodorou, Sajjad Naveed and I. “

“We owed this one to everyone on the upcover team. Couldn't be prouder of what we have built and are building for our business owner customers 

upwards and onwards 🚀”

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