Cover Whale Insurance Solutions, a company specializing in connected insurance for commercial vehicles, recently announced funding of $27.5 million 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 a strong balance sheet supporting Cover Whale's growing business. Cover Whale is actively investing in its technology and operating platform to further improve speed to quote and 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."
See also: Cover Whale launches auto liability coverage for truck drivers in six more states
Founded in 2019, Cover Whale's business model combines easy, instant quotes with 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."
