Clearcover joined the Unicorn Club on April 13, 2021, after raising a $200 million Series D funding round led by Eldridge Industries, valuing it at $1 billion. Headquartered in Chicago, Illinois, United States, Clearcover offers an online platform for auto insurance, providing customers with faster claims processing, transparent pricing, and an intuitive digital experience.
Its mobile app allows users to manage policies, submit and track claims, update payment details, and access digital ID cards seamlessly. The platform also validates coverages and facilitates expedited payouts using data-driven eligibility checks and automation.
Keep reading to learn how Clearcover became a $1B player in digital auto insurance and connected vehicle services.
What Is Clearcover and What Does It Do?
Founded in 2016, Clearcover is a digital-first auto insurance platform that leverages technology to simplify how people buy and manage car insurance. The platform’s focus on automation and app-based convenience helps reduce costs while improving speed and transparency in claims processing.
Available on both Android and iOS, Clearcover’s system integrates data validation, quick-claim tracking, and real-time policy management, making it one of the most efficient insurance apps in the U.S.
How Much Funding Has Clearcover Raised?
1. Series D Round
- Amount Raised: $25 million
- Date: October 17, 2025
- Purpose: Expand AI-driven claims processing, enhance automation capabilities, and strengthen partnerships with auto ecosystems
2. Series D Round (Unicorn Round)
- Amount Raised: $200 million
- Date: April 13, 2021
- Valuation: $1 billion
- Lead Investor: Eldridge Industries
- Purpose: Scale operations, improve technology stack, and expand nationwide coverage
Total Funding Raised: ~$457 million
Latest Funding Date: October 17, 2025
Latest Known Valuation: ~$1 billion
Employee Count: 450 (as of December 31, 2021)
Key Investors
1. University Growth Fund
- Details: Student-run venture capital fund investing in high-growth companies across technology and consumer sectors.
- Focus Areas: FinTech, InsurTech, and software platforms.
2. Geodesic Capital
- Details: Growth-stage investment firm supporting North American companies expanding globally.
- Focus Areas: Enterprise software, digital infrastructure, and financial technology.
3. Eldridge Industries
- Details: Holding company with investments spanning technology, financial services, and insurance innovation.
- Focus Areas: Insurance technology, digital finance, and connected mobility platforms.
Where Is Clearcover’s Headquarters?
Clearcover is headquartered in Chicago, Illinois, United States, where it develops its insurance platform, manages customer operations, and leads its AI-driven claims and underwriting technology initiatives.
What’s Next for Clearcover?
Clearcover plans to continue refining its AI-powered claims automation while expanding into new insurance verticals and U.S. markets. The company is investing heavily in predictive analytics and data science to deliver faster, fairer coverage decisions.
Its long-term vision focuses on becoming the go-to digital insurance infrastructure for modern drivers, blending affordability, efficiency, and customer transparency.
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