CoverHound’s founders, Basil Enan and Rory Joyce were rising stars in the insurance industry when they met — both making a name for themselves by driving visible change within the traditional insurance ecosystem. Basil was at a large insurance lead generator and Rory at a large direct carrier; both were frustrated in their current roles.
Basil decided to take the entrepreneurial leap in May of 2010 and founded CoverHound. He met Joel Hayhurst, who had wanted to challenge the current insurance model. They got an office and built the first prototype. Rory formally joined them in July of that year. Together they worked to build the right team of forward thinking people with relevant experience.
In early 2011, CoverHound was invited to AngelPad, the San Francisco based startup incubator founded by seven Google alumni. CoverHound was one of 14 startups picked for the AngelPad Winter 2011 class, out of 800 companies that applied worldwide.
In mid-2011, Blumberg Capital displayed its faith in the team and the vision of CoverHound by investing $750,000. As a Winter 2011 AngelPad graduate, the CoverHound team then moved into its own office space on Brannan Street in San Francisco. Next, we formed our first Board of Directors, with Basil leading as CoverHound’s Board Chairman, Jon Soberg joining as part of Blumberg Capital’s initial investment and Keith Moore later joining as an Independent Board Director.
Just months after opening our new San Francisco office, we opened our satellite office in Westlake, California (SoCal) for our CoverHound Insurance Solutions (CIS) agents to begin selling and servicing our insurance policyholders. Shortly after opening our new satellite office in SoCal, we sold our very first insurance policy, which ended up saving a very happy customer more than $800 on their auto insurance.
In 2012, we expanded our online insurance platform more nationally (now in 46 US States), and we partnered with more well-known insurance carriers to provide expanded choice and competition for more auto insurance, homeowners insurance, renters insurance and motorcycle insurance savings for our customers. Later that year as the team continued to grow, we moved into a larger San Francisco headquarters on 2nd Street in SOMA.
In early 2013, we raised a Series A of $4.5 million, led by RRE Ventures with participation from Bullpen Capital, Blumberg Capital and angel investor Ed Ojdana. Shortly after, Tom Loverro, a Principal at RRE Ventures, joined the Board of Directors.
We have continued to grow our team, increase the number of policies sold per month, and break company growth records. In fact, last year we grew 533% year over year and helped more than 250,000 Americans compare real insurance quotes suited for their specific needs, and at better prices. We also promoted Keith Moore from CMO to CEO. Thanks for stopping by our page, and stay tuned for more exciting updates on our blog!
CoverHound sells its first insurance policy, saving
a very happy customer more than $800.
Finovate invites CoverHound to demo its Insurance Storefront for financial institutions.
CoverHound expands product offerings to include renters insurance.