Startup profile · funding coverage
CoverTree funding, valuation and investors
Insurtech for manufactured-home insurance — digital distribution, underwriting, and agent tools.
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Funding, valuation & investors
Answer-first snapshotLatest funding
Series A
$13M · May 2024
Latest known valuation
Not publicly disclosed
Total disclosed equity funding
$13M
Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.
Current status
private
series a · Detroit, MI
Investors in latest funding
Lead: Portage
Other: AV8 , Distributed Ventures , Detroit Venture Partners , Ludlow Ventures , Annox Capital
Overview
CoverTree is a Detroit insurtech focused on manufactured-home insurance, combining digital distribution, automated underwriting, and data-driven pricing. Products/tools publicly described include Maple (resident insurance management for property managers), Bonsai (binding/underwriting for agents and lenders), and Sequoia (automated quoting/book conversion).
In May 2024 the company closed a $13 million Series A led by Portage, with AV8, Distributed Ventures, Detroit Venture Partners, Ludlow Ventures, Annox Capital, and others; total funding cited around $23M at announcement (later company materials have cited higher cumulative raises).
Why CoverTree is interesting
Detroit specialty insurtech that raised a $13M Series A (May 2024) led by Portage, with Detroit Venture Partners and Ludlow Ventures participating — modernizing an overlooked personal-lines niche.
Product & use cases
Specialty personal-lines insurtech stack for manufactured homes — quoting, agent binding, and property-manager resident insurance tools.
- Independent agents binding manufactured-home policies
- Property managers enforcing resident insurance compliance
- Carriers converting books with automated underwriting
Key facts
- Series A (May 2024): $13M led by Portage (Business Wire)
- Participants included Detroit Venture Partners and Ludlow Ventures
- Enterprise suite: Maple, Bonsai, Sequoia for manufactured-home insurance workflows
- Detroit HQ; multi-state manufactured home product availability cited at raise
Funding history (newest first)
Series A
2024-05 $13M- Portage (lead)
- AV8 (participant)
- Distributed Ventures (participant)
- Detroit Venture Partners (participant)
- Ludlow Ventures (participant)
- Annox Capital (participant)
Source: Read source · businesswire.com
Related reading
Explore the analysis behind recent funding rounds and company developments.
Investors in our directory
Funds linked from CoverTree's profile — open a fund page for stage focus and related deal articles.
Competitive landscape
Edge: Narrow focus on manufactured housing insurance with Detroit-built distribution software.
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Traditional MH insurers / MGAs incumbent
Legacy specialty carriers and agencies.
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Hippo / other digital homeowners adjacent
Digital home insurers less focused on manufactured housing.
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Agency management systems adjacent
General AMS tools without MH specialty depth.
Industries
Market / IPO context
Editorial / static context — not a live quote.
FAQs about CoverTree
Practical answers founders, operators, and investors typically search for.
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Editorial note: AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.