State Farm Ventures participates in funding round
Get Covered brings total funding to $14.5 million to accelerate growth.
NEW YORK, Dec. 6, 2022 - Get Covered, a leading insurance technology provider for multifamily operators, managers, residents and distribution partners, today announced it has raised $14.5 million in total funding after closing a recent investment round. RET Ventures, State Farm Ventures®, WISE Ventures and LeFrak participated in the round.
A year after Get Covered’s Series A fund raise, Get Covered has announced the closing of its Series A-2 $6 million round. The new funding will empower Get Covered to innovate new products, increase staffing and grow partnerships with insurance carriers, agencies and proptech companies. Get Covered also plans to significantly expand its client base of renters, apartment owner/operators and property managers and strategically grow in new and existing markets.
“Insurance is a fundamental component of renting for residents, owners, operators and property management teams,” said Brandon Tobman, CEO of Get Covered. “Insurance is one of the oldest industries in the world, and it’s also one of the most challenging to change. We are proud of the technology solutions we’ve created that have alleviated many of the friction points in buying and tracking insurance. We are excited to continue growing and providing better experiences for renters and optimizing risk mitigation strategies for operators.”
Founded in 2018 by Brandon Tobman, Dylan Gaines and Ryan Solomon, Get Covered provides insurance technology products and services for the multifamily industry that make buying, selling and tracking insurance as simple and seamless as possible. Get Covered ensures that residents are covered with the community’s minimum required policy and tracks insurance policies throughout the lease term. Embedding insurance tracking within owner/operators’ existing processes, Get Covered allows renters to seamlessly purchase customized insurance policies from A rated carriers. On the backend, owner/operators are equipped with a policy admin portal for certificate of insurance (COI) verification, tracking, billing and policy administration.
In 2022, Get Covered has added more than 600,000 units to its all-in-one activation and COI tracking platform. Get Covered currently operates in 48 states and has been deployed in more than 3,500 apartment communities nationwide.
“Get Covered’s technology-based solution of offering renters insurance as an embedded option within the tenant leasing process is an intriguing approach to meet the needs of more customers,” said Michael Remmes, Vice President of State Farm Ventures. “We believe that our agent-based distribution model in combination with their platform approach to serve the institutionally-managed property market could deliver a strong customer experience for renters.”
About Get Covered
Get Covered builds software solutions for the property insurance sector and acts as the bridge between insurance and real estate. Clients include insurance carriers, insurance agencies, property managers, landlords and membership associations who offer our insurance products to their clients, residents or members. For more information, please visit getcovered.io.
About State Farm Ventures, LLC
State Farm Ventures focuses on investing in start-ups developing technologies and products to fulfill customer needs in ways they may not expect from their insurance company. State Farm Ventures, LLC is a wholly-owned subsidiary and registered trademark of State Farm Mutual Automobile Insurance Company.
For over 100 years, the mission of State Farm has been to help people manage the risks of everyday life, recover from the unexpected and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its more than 19,400 agents and 67,000 employees serve over 91 million policies and accounts – including auto, fire, life, health, commercial policies and financial services accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is also available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 44 on the 2023 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.