Spanish startup CoverWallet has raised a round of €7.3 million from investors Union Square and Index Ventures. The startup had previously raised €1.6 million.
CoverWallet specializes in online marketing of commercial insurance for SMEs, providing liability coverage for businesses such as restaurants, flower shops, auto shops, electricians and architects. The startup is focused on the United States where it says there are 25 million such SMEs in need of insurance. For many SMEs, getting this type insurance is a difficult process, so the startup says it seeks to simplify the system and make commercial insurance more accessible for businesses.
Read more: Loogic (Spanish)