RealTime IT News

eCoverage Completes $15 million Second-Round Financing

All of the company's original investors participated in the second round, including Softbank Technology Ventures, RRE Investors, E*TRADE, David Coulter, former chairman and CEO of Bank of America, and Kenneth Langone, co-founder and director of Home Depot.

Accel Partners is a new investor in the company.

"Launching and running an Internet company today demands capital, an understanding of the customer, and leadership in communicating a trusted online brand," said Scott Russell, general partner at Softbank Technology Ventures.

"We're committed to providing eCoverage with the financial resources needed to make the company a top Internet player."

eCoverage currently offers auto insurance in California and will launch a full range of personal line insurance products in California and nationally throughout 2000.

The additional funding will be used to establish a national eCoverage brand; market and service a full range of insurance products in California and across the country; and build infrastructure, the company said.

eCoverage said it plans a marketing campaign with the tag line "The Industry is History" that will include broadcast, print, outdoor and online advertising.

We have made updates to our Privacy Policy to reflect the implementation of the General Data Protection Regulation.