Leading insurtech specializing in connected insurance for commercial auto, Cover Whale announces $27.5 million funding in debt and equity from investment funds managed by Morgan Stanley Expansion Capital.
The funding round, which also had existing debt investors convert into the Series A preferred, will support Cover Whale’s continued growth and accelerate its progress toward transforming trucking insurance and improving safety on America’s roads.
The funding will provide for a strong balance sheet supporting Cover Whale’s profitable, growing business. Known for its ability to provide agents and their trucking clients with lightning-fast policy quotes and bound coverage, Cover Whale is actively investing in its technology and operating platform to further improve speed to quote and improve service quality.
“Cover Whale was built from the ground up to transform commercial auto insurance with technology at our core,” said Dan Abrahamsen, CEO of Cover Whale. “We believe this investment from Morgan Stanley Expansion Capital will support our continuing mission to deliver the industry’s leading trucking insurance experience, building on the positive impact we’ve already made for our agents, drivers, and the general motoring public.”
Founded in 2019, Cover Whale’s unique business model combines easy, instant quotes and binds with advanced telematics and real-time driver coaching. It continues to redefine commercial trucking insurance via technology-driven strategies, optimizing road safety and financial performance with tangible results.
“We believe Cover Whale is a rare instance 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 are looking forward to partnering with the team as they continue to grow the platform and pursue new avenues of growth.”