New York, November 09, 2021– (Business Wire) –GetCovered.ioThe insurance software company that makes it easy to buy and track property and casualty insurance online today announced the completion of its $7 million Series A funding round led by RET Ventures and joined by Updater, Pelican Ventures and Crocker Mountain. In addition to the capital investment, the round’s strategic investors also provide direct access to more than 6 million rental units and over 30 million square feet of real estate.
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GetCovered is an insurance software company that makes it easy to buy and track property and casualty insurance online (Graphic: Business Wire)
GetCovered works with insurers, agencies, multi-family owner/operators and proptech companies to ensure tenants purchase the minimum policy required for the community – for both residential and commercial leases – and tracks policies throughout the lease term. GetCovered provides its partners with a customizable front-end for renters to purchase insurance from A-rated carriers as well as a backend policy management portal for COI verification, tracking, billing, and policy management.
Founded by Brandon Tubman, Dylan Gaines, and Ryan Solomon in 2018, GetCovered is built to bridge the gap between the insurance and real estate industries.
“By aggregating all relevant insurance products for apartment dwellers, we can simplify the process for every stakeholder while providing valuable additional benefits to landlords, including policy management and COI tracking,” said Brandon Tubman, CEO of GetCovered. “While up this round, we were particularly excited to work with strategic investors such as RET Ventures and Updater, who have incredible influence and experience in the real estate sector. Our mission was to become the Shopify of Insurance and give smaller property managers and insurance agencies access to the same tools that you have. Big companies, and this injection of capital will help turn this vision into a reality.”
GetCovered’s business partners include Updater, the nation’s largest mobile platform, Marsh, NFP, Confie and other major insurance agencies.
“GetCovered’s unique approach to partnership distribution helps acquire customers at a significantly lower cost than their direct-to-consumer competitors,” said John Helm, Partner at RET Ventures. “In addition to its demonstrated value to property managers, the company also has synergistic relationships with many of our portfolio companies, which has made GetCovered a very compelling investment opportunity for us.”
GetCovered helps both agencies and carriers update their own technology so they can sell any insurance products online at scale and manage billing and payments to compete with today’s insurance companies. GetCovered counts over five hundred insurance companies and agencies as clients.
The GetCovered API is fully integrated with a wide range of property management software, including Yardi Voyager, Onesite, MRI and Entrata, driving efficiencies in the real estate industry by including insurance tracking in their existing operations. The platform also powers several insurance-related proptech companies, including Belong Homes, Obie Risk, and Knox Financial.
As part of improving the transition process, Updater helps its users easily sign up for key services in their new home – including utilities, internet, and insurance. GetCovered and Updater have signed a commercial agreement to help residents more efficiently sign up for appropriate insurance policies with appropriate minimum requirements.
“The Updater program is dedicated to building a more joyful and less stressful moving experience. Providing our users with a seamless experience of setting up insurance in their new homes is critical to making a great move,” said David Greenberg, Founder and CEO of Updater. “GetCovered’s unique platform will benefit not only millions of Updater users, but hundreds of our real estate partners, which is why we’re excited to support GetCovered’s mission.”
GetCovered offers renters and landlords a better way to do insurance. The GetCovered platform is a single portal that simplifies all property-related insurance, providing property managers and residents with renter insurance, principal liability programs, security deposit alternatives and other risk management products. The platform takes advantage of proprietary technology and an easy-to-use interface, as well as partnerships with leading insurance agencies, property managers and proptech companies, to provide a wide range of insurance solutions in just a few clicks, eliminating time and hassle from renters and landlords.
About RET Ventures
RET Ventures is a leading real estate technology investment firm, and is the first industry-backed venture fund to focus strategically on helping to build cutting-edge “rent technology” – technology for multi-family and single-family rental properties. RET’s strategic investor base includes some of the largest real estate investment trusts, operators and private property managers, who control approximately 2.4 million residential units. With its deep experience and connections within the industry, RET has created a unique real estate innovation ecosystem that delivers significant value to the companies it supports, providing them with access to thought leaders, development partners and ongoing guidance. For more information, please visit www.ret.vc.
About update technologies
Updater, the US leader in ReloTech, is making relocation easier for the millions of American families who move each year. The updater simplifies the moving process by serving as a central hub where consumers can easily accomplish everything they need such as connecting internet, moving facilities, booking a moving company, updating their address and much more. Over 1,000 real estate companies have partnered with Updater to offer a simplified relocation experience to their clients. For more information, please visit www.updater.com.
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