CoverTree has secured $13 million in Series A funding led by Portage to enhance insurance solutions for the manufactured housing sector.

Information on the Target

CoverTree is a forward-thinking insurtech company based in Detroit, specializing in affordable and innovative insurance solutions tailored for manufactured homes. Recently, the company has successfully completed a $13 million Series A funding round, bringing its total funding to $23 million. This considerable capital will enable CoverTree to enhance its offerings and reshape the landscape of home insurance by introducing advanced technology and personalized services.

With over 22 million Americans residing in manufactured homes and an increasing demand for affordable housing solutions, CoverTree’s focus on this market addresses a significant gap in the insurance industry. The Series A investment will support CoverTree in developing a comprehensive enterprise suite designed to benefit both homeowners and property management professionals.

Industry Overview in the United States

The manufactured housing sector has been experiencing notable growth, highlighted by a 11% increase in new single-family homes in 2022 classified