Get Covered, a New York-based developer of technology to manage property insurance, has raised $6 million in a Series A-2 round from New York’s Wise Ventures and LeFrak, Utah-based RET Ventures and State Farm Ventures, based in Bloomfield, Ill.
Founded in 2018, Get Covered develops a range of insurance technology products and services for the multifamily industry. So far, the company has raised $14.5 million in venture capital.
“Insurance is one of the oldest industries in the world, and it’s also one of the most challenging to change,” said CEO Brandon Tobman. “We are proud of the technology solutions we’ve created that have alleviated many of the friction points in buying and tracking insurance.”
Get Covered — founded by Tobman, Chief Technology Officer Dylan Gaines and Chief Strategy Officer Ryan Solomon in 2018 — acts as a bridge between insurance and real estate, building software solutions for related entities. Its clients include insurance carriers and agencies, property managers, landlords and membership associations that offer insurance to their members. In recent years, Get Covered has expanded into pet insurance, and rent reporting and credit monitoring.
“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.”
In 2022, Get Covered added more than 600,000 units to its all-in-one activation and certificate of insurance tracking platform. It currently operates in 48 states and has been deployed in more than 3,500 apartment communities.
New York-based LeFrak is a family-owned property company run by billionaire Richard LeFrak. Its real estate business spans New York and New Jersey, and includes South Florida and Los Angeles. LeFrak is also an active investor with a thriving private equity and venture capital business. Its notable exits include cybersecurity firm Palo Alto Networks (Nasdaq: PANW), and online broker Robinhood (Nasdaq: HOOD). LeFrak’s venture unit has made over 75 portfolio investments and exited eight. Its recent portfolio investments include Vontive and Daybase.
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New York-based Wise Ventures was set up in 2018 by Minnesota Vikings owners Mark and Zygi Wilf, and the Wilf family. The firm’s operations are overseen by Brian Cargo, a Wharton school alum. Wise specializes in investing in sports and entertainment, and real estate startups. It has made about 20 portfolio investments and exited four. Its recent investments include Amenify and Tagboard.
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Headquartered in Bloomington, Ill., State Farm Ventures is a unit of the eponymous insurer. It primarily invests in insurance-related startups. Out of a $100 million fund raised in 2018, the firm has made about 20 investments and exited two. Its recent portfolio investments include Elpha Secure, May Mobility, Coverager, OWL Autonomous Imaging and Hemlane.
Utah-based RET Ventures has raised $273 million from two funds. It has made about 40 portfolio investments and exited four.