Fintech
Cover Whale announces investment of $27.5 million
Leading insurtech specializing in connected commercial auto insurance, Whale cover announces $27.5 million in debt and equity financing from investment funds managed by Morgan Stanley Expansion Capital. The financing round, which also saw the conversion of existing debt investors into the preferred Series A, will support Cover Whale’s continued growth and accelerate its progress toward transforming trucking insurance and improving safety on America’s roadways.
The financing will ensure a strong balance sheet to support Cover Whale’s profitable and growing businesses. Known for its ability to provide agents and their trucking customers with policy quotes and captive coverage in lightning-quick time, Cover Whale is actively investing in its technology and operating platform to further improve quote speed and quality of service .
“Cover Whale was built from the ground up to transform commercial auto insurance with technology at its core,” said Dan Abrahamsen, CEO of Cover Whale. “We believe this investment by Morgan Stanley Expansion Capital will support our continued mission to deliver a leading trucking insurance experience, building on the positive impact we have already had for our agents, drivers and the motoring public in general”.
Founded in 2019, Cover Whale’s unique business model combines simple, instant quotes and constraints with advanced telematics and real-time driver coaching. It continues to redefine commercial trucking insurance through technology-driven strategies, optimizing roadway safety and financial performance with tangible results.
“We believe Cover Whale is a rare case where the team has built a large-scale insurtech MGA and achieved consistent profitability while remaining capital efficient” said Nick Nocito, executive director of Morgan Stanley Expansion Capital. “We look forward to collaborating with the team as they continue to grow the platform and pursue new avenues of growth.”