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.