Sydney-based insurtech Upcover nabs $4.7m in seed round

The funding comprises of $2.7m in equity and $2m in debt.

Australian insurtech firm Upcover has raised $4.7m in a seed funding round led by Antler Australia and Betterlabs.

The round also saw participation from QBE Insurance general manager Patricia Priest, Etika CFO Raf Uy, Bricks and Agent co-founder and CEO Rafael Niesten, and Global Life APAC ex-CEO Colin Morgan.

The funding comprises $2.7m equity and $2m debt.

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Founded in 2019 by Skye Theodorou and Anish Sinha, Upcover is a platform that lets any online business, brand or marketplace to become distributors of insurance products.

The platform empowers any online business, brand or marketplace to become distributors of insurance products.

Upcover has four insurance products namely; Allied Health Professionals Insurance, Public & Products Liability Insurance, Small Business Insurance, and Insurance for Startups.

The insurtech firm plans to use the fresh funds on customer acquisition and product development for its platform.