Online insurance company Coverfox has raised Series C funding of $ 22 million in the round led by IFC, a member of the World Bank Group; Transamerica; and other existing investors. The company said that the investment will accelerate Coverfox’s geographic expansion and broaden its product portfolio. Coverfox will use the investment to expand insurance coverage into tier-2 and tier-3 cities and specifically address women’s needs, it said in a statement. It will also accelerate its technology including Coverdrive, which is an Android app which helps insurance agents go digital and grow their businesses. Premanshu Singh, CEO of Coverfox added in a statement that the large portion of the investment would go into improving the user experience by going both horizontal and vertical into each insurance category. Founded in 2013 by Devendra Rane, Coverfox claims to have integrated with about 35 insurers, providing…
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