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.