Cover Whale secures $27.5m investment from Morgan Stanley Expansion Capital

Cover Whale Insurance Solutions, Inc., has announced a $27.5 million funding boost in debt and equity from investment funds managed by Morgan Stanley Expansion Capital.

This round of funding, which includes existing debt investors converting into Series A preferred shares, will fuel Cover Whale’s ongoing expansion efforts and expedite its mission to improve trucking insurance while enhancing road safety across the US.

Dan Abrahamsen, CEO of Cover Whale, commented: “Cover Whale was built from the ground up to transform commercial auto insurance with technology at our core.”

“We believe this investment from Morgan Stanley Expansion Capital will support our continuing mission to deliver the industry’s leading trucking insurance experience, building on the positive impact we’ve already made for our agents, drivers, and the general motoring public,” further added Abrahamsen.

This investment will fortify Cover Whale’s financial position, supporting its thriving and expanding operations. Renowned for its rapid policy quotes and coverage for agents and their trucking clients, Cover Whale is actively enhancing its technology and operational infrastructure to further streamline quote processing and enhance service excellence.

“We believe Cover Whale is a rare instance where the team has built a large-scale insurtech MGA and achieved consistent profitability while remaining capital efficient” mentioned Nick Nocito, Executive Director of Morgan Stanley Expansion Capital.

“We are looking forward to partnering with the team as they continue to grow the platform and pursue new avenues of growth.”

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