CoverCap
The ask

Raising USD $2M Seed.

SAFE. Capital accelerates a profitable engine into a Series A in Jan 2029.

Seed round
$2M
SAFE
LTM EBITDA margin
32%
Profitable pre-funding

Use of funds — Seed $2M

Exact allocation from the financial model.

  • Tech & Product35%
  • Sales & Commercial28%
  • G&A & Operations26%
  • Marketing & Placement7%
  • Compliance & Regulatory4%

Milestones this round unlocks

Exact targets from the FY26–FY31 financial model.

  • 1FY27: 453 active insurance clients · 19 TPRM sponsors · $8.0M GWP
  • 2FY27: TPRM platform live ($344K subscription rev) + AI Risk launch ($69K)
  • 3FY28: $16.3M GWP · $6.0M revenue · 16.1% EBITDA margin
  • 4FY29: Series A — $15M raised
  • 5FY31: $77.3M GWP · $50.0M revenue · 52.4% EBITDA · 2,512 clients
  • 6Implied EV (8× revenue) trajectory: $15M → $48M → $109M → $222M → $400M
Seed return potential

20% seed stake → bear 23.4×, base 33.4×, bull 45.4× (8× FY31 revenue). Public comp: WTW × Newfront at $1.3B / 18× EBITDA.

Sensitivity · FY2031 outcomes

Bear / base / bull on GWP, revenue and EBITDA — from the financial model.

Interactive
Bear · Rev $35.0M · EBITDA 40.0% · EV $280M · seed 23.4×
Base · Rev $50.0M · EBITDA 52.4% · EV $400M · seed 33.4×
Bull · Rev $68.0M · EBITDA 55.9% · EV $544M · seed 45.4×
Timeline

Where we are. Where this round takes us.

  1. LTM 2025$1.39M GWP · 63 active clientsDone

    Zero external capital · 32% EBITDA · 80% retention · 8 countries

  2. Jan 2027Seed close — $2MActive

    SAFE · accelerates Series A path

  3. FY 2026$2.2M GWP · 114 clients EOY

    $359K commission · 3× growth · 80% retention target · 2 whale closes

  4. FY 2027$8.0M GWP · 463 clients

    TPRM launch · 19 enterprise sponsors · $1.9M revenue · investment year

  5. FY 2028$16.3M GWP · 805 clients

    $6.0M revenue · 16.1% EBITDA margin

  6. Jan 2029Series A — $15M

    Funds full LATAM rollout

  7. FY 2031$77.3M GWP · 2,512 clients

    $50.0M revenue · 52.4% EBITDA · implied EV ~$400M