Upcover Raises $19M to Make Business Insurance Better for You

We've hit an incredible milestone at Upcover! We're thrilled to announce we've secured $19 million in Series A funding to continue our mission of making your business insurance experience better. Our goal? To revolutionise how Australian business owners access all commercial insurance including public and products liability, professional indemnity, and business insurance in Australia.

How We're Changing Commercial Insurance in Australia

Our latest funding round brings together some amazing partners who believe in our vision. RealVC has led upcover’s equity round, joined by Antler Elevate's Global Fund, Betterlabs (the venture arm of RAC), and Gandel Invest. We've also secured an $8 million debt facility for our one-click financing payments business from Marshall Investments.

We're especially proud that we've achieved this during one of the toughest years for Australia's startup industry. Not only have we doubled our revenue in 2024, but we've also halved our costs – showing just how committed we are to providing Australian businesses a fresh approach to business insurance solutions.

Why We're Reimagining Small Business Insurance

When we started upcover, we saw a problem we knew we had to fix. Over 95% of commercial insurance in Australia is analogue still gets, with  Business owners are faced with PDF forms that they need to fill in every year. The emails, with countless emails and calls and face to face meetings that can take days, weeks and months to complete. We knew there had to be a better way. That's why we've built upcover - it's a platform that gives business owners access to makes market leading insurance like essential coverage like public liability insurance and professional indemnity insurance, simple, easy and accessible work better for your business.

What Our New Funding Means for Your Business Insurance

Here's what we're working on:

• We're launching new digital insurance products in 2025
• We're enhancing our AI-support to give you faster support
• We're developing more embedded insurance solutions and APIs to help more business owners access our products with valued partners and brands

We're Here to Protect Your Business

Our mission stays the same: we make business insurance work better for you. Whether you're a business owner or a tech start-up SaaS company, or fast scaling business , our team understands your unique insurance needs. From public liability coverage for sole traders to professional indemnity insurance for healthcare professionals or consultants, or comprehensive business protection as a fast-growing organisation, we've got your back through every stage of your business insurance journey.

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