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Accel, SAIF in $12m Series B round for Coverfox

  • Holden Mann
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Indian online insurance marketplace Coverfox has raised a INR750 million ($12 million) Series B round from existing investors Accel Partners and SAIF India.

Coverfox offers health, car, home and travel insurance to customers. The company will use the new funds to improve its back-end technology, expand its advertising reach, add more insurance products and build its customer service staff, according to a Times of India story linked from SAIF's website.

Glibberbug Technologies, the parent of Coverfox, was founded in 2011 to develop software for the insurance industry. The company started Coverfox in 2013 in order to let customers compare insurance quotes from providers.

SAIF and Accel both took part in Coverfox's $2 million Series A round in November 2014. Accel made that investment, and part of this one, through its Indian unit, Accel India. The firm's US counterpart also participated in the Series B round.

Accel closed its fourth India fund last month at $305 million. The firm provides early-stage investment to companies in the consumer, enterprise software, mobile and healthcare sectors. SAIF also closed its second fund at $350 million; it provides seed, early stage and growth capital to companies in a broad range of fields.

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