Clearcover Closes $11.5 Million

Insurance tech startup Clearcover announced the close of $11.5 million in financing led by Lightbank. Greycroft Partners, 500 Startups, and Silicon Valley Bank also participated.

Clearcover is a new type of car insurance company that helps customers get the same coverage offered by big insurers and save up to 50 percent. Instead of providing “rental coverage” to customers whose cars are being repaired in body shops, Clearcover provides cash that customers can use to get around as they choose. Clearcover also claims that it covers customers on and off the clock while driving for Uber, Lyft, and other ridesharing services.

The company revealed that Clearcover will use the funding to scale up partnerships and launch its first product line later this year.