CoverTree Raises $13 Million in Series A to Enhance Insurance for Manufactured Homes

CoverTree, an insurtech firm focused on manufactured home insurance, has secured $13 million in a Series A funding round. The round was led by Portage, with contributions from AV8, Distributed Ventures, Detroit Venture Partners, Ludlow Ventures, Annox Capital, among others, bringing the total capital raised to $23 million. This funding supports CoverTree's commitment to providing modernized and affordable insurance solutions to the manufactured housing sector.

The investment will facilitate the expansion of CoverTree's technological and service capabilities, including the development of new enterprise software tools. These tools include Maple, a resident insurance management software for property managers; Bonsai, a binding and underwriting platform for independent agents and lenders; and Sequoia, an automated underwriting and quoting system for insurance book conversions. This expansion is aimed at streamlining insurance processes and enhancing service delivery in a sector that has traditionally been underserved by conventional home insurance models.

As it implements these innovations, CoverTree aims to redefine the insurance experience for homeowners in the manufactured housing market, a sector that accounted for 11% of all new single-family homes in 2022, according to the company.