India-based online insurance portal developer Coverfox has received $22m in series C funding from investors including insurance provider Transamerica, TechCrunch reported yesterday.
The round was led by International Finance Corporation (IFC), the private investment arm of the World Bank, and also featured venture capital firms SAIF Partners and Accel, and VC fund Catamaran Ventures.
Coverfox runs an online platform that allows customers to compare quotes on auto, travel, life, home and health insurance from 35 partner providers.
Transamerica participated in the $15m first tranche of the series C round, which closed in June 2017, investing alongside Catamaran Ventures, SAIF Partners and Accel at a valuation reported by the Economic Times to be between $70m and $100m.
The company will use the series C cash to expand into second and third tier cities in India, and to enhance its Coverdrive app, which can be used by any insurance sales staff.
Coverfox has now raised $39m in funding altogether, according to TechCrunch. Accel and SAIF Partners, both existing investors, co-led capital the company’s $12m series B round in 2015.