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Upcover Raises $19M to Make Business Insurance Better for You
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We've hit an incredible milestone at Upcover! We're thrilled to announce we've secured $19 million in Series A funding to continue our mission of making your business insurance experience better. Our goal? To revolutionise how Australian business owners access all commercial insurance including public liability, professional indemnity, and business indemnity insurance in Australia.
How We're Changing Commercial Insurance in Australia
Our latest funding round brings together some amazing partners who believe in our vision. RealVC has led upcover’s equity round, joined by Antler Elevate's Global Fund, Betterlabs (the venture arm of WA-based RAC), and Gandel Invest. We've also secured an $8 million debt facility for our payments business from Marshall Investments.
We're especially proud that we've achieved this during one of the toughest years for Australia's startup industry. Not only have we doubled our revenue in 2024, but we've also halved our costs – showing just how much Australian businesses value our fresh approach to business insurance solutions.
Why We're Reimagining Small Business Insurance
When we started Upcover, we saw a problem we knew we had to fix: over 95% of commercial insurance in Australia still gets arranged analogue - with emails and calls and face to face meetings that take days, weeks and months to complete. We knew there had to be a better way. That's why we've built Upcover - it's a platform that makes essential coverage like public liability insurance and professional indemnity insurance work better for your business.
What Our New Funding Means for Your Business Insurance
Here's what we're working on:
- We're launching new digital insurance products in 2025
- We're enhancing our AI-support to give you faster, more accurate quotes
- We're developing more embedded insurance solutions and APIs to make insurance even more accessible
As our co-founder Anish Sinha shares: "This capital injection means we can bring even more innovations to our customers. We're quadrupling our reach, launching new digital insurance options, and using AI to make business insurance broking and underwriting work better for you."
We're Here to Protect Your Business
Our mission stays the same: we make business insurance work better for you. Whether you're a small business owner or a tech startup scaling your SaaS company, or running an established enterprise, we understand your unique insurance needs. From basic public liability coverage for sole traders to professional indemnity insurance for healthcare professionals or consultants, or comprehensive business protection as a fast-growing organisation, we've got your back through every stage of your business journey.
Ready to see how we can help protect your business? Get your quote in minutes.
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