Sony fund seeds Hartford life insurance startup Covr
Hartford-based digital life insurance software maker Covr Financial Technologies said it has secured a $2.3 million investment from Sony’s venture capital fund, helping it wrap up an investment round totaling $12 million.
The money from the Sony Innovation Fund by IGV (which stands for Innovation Growth Ventures), formed by Sony and other partners in 2019, comes on top of more than $20 million in prior Covr fund raises.
IGV made the investment as Covr launches a suite of AI-powered term life insurance products.
Covr CEO Mike Kalen said his company will use some of the money for hiring, adding roughly five workers in Hartford and roughly 10 in Idaho, where the bulk of the company’s staff works.
Covr relocated its headquarters to Hartford in 2019 and counts the quasi-public Connecticut Innovations as an investor.
“Wrapping our latest round of funding with a highly recognizable, global brand like Sony, which is also an insurance distribution leader in Asia, is just incredible," Kalen said. "This investment and Sony's global network will go far in helping Covr continue to lead the way in digital insurance innovations in the U.S., and eventually abroad, with solutions such as our newly launched multi-carrier term life insurance platform that includes a growing number of instant-purchase journeys and our proprietary LoanMatch Protector product."