Congrats to CoverWallet on the Acquisition Agreement with AON

By Colin Beirne on November 20, 2019

We’re thrilled to congratulate Inaki Berenguer, Rashmi Melgiri, and the whole team at CoverWallet on the acquisition agreement with AON. It’s an exciting and well-deserved milestone for their entire organization, and we’re very grateful to join them in celebrating today.

As investors in early-stage companies, we have the incredible privilege of having a front-row seat as founders build their companies. CoverWallet will always hold a special place in our hearts though, because with their team those seats happened to be particularly close. Inaki, Rashmi, and CoverWallet’s early team were our office mates during 2016 and 2017, building their business out of our co-working space in New York City. When their all-hands meetings reached standing room only in our biggest conference room, I think they knew it was time to fly the nest!

Though it was hard for us to see them pack up and move out then, we knew it was an important next step for the company to continue to grow and thrive. And as we celebrate the signing of the acquisition agreement with Aon today, we feel a similar sense of excitement and optimism for what this new chapter will mean for the company and all they will be able to accomplish.

When we first met Inaki and Rashmi in the fall of 2015, we saw extraordinarily passionate founders with an incredible clarity of vision around using data to make the experience better for small businesses trying to figure out what insurance they need, and where to get it. The idea was simple and straightforward, and best of all they knew exactly how they wanted to do it.

We were excited back then in 2015 to co-lead their seed round with our friends at Union Square Ventures, joined by Highland Capital, Founder Collective, and a number of angel investors, and over the years to welcome a number of other great partners like Foundation Capital and Index Ventures. While we were able to leverage the insurance expertise resident within Two Sigma to provide some help along the way, our job with founders with the quality and vision of these two was to make sure they had what they need and let them execute. And in the four years since, we’ve been continually amazed at what their execution has produced.

We feel grateful to have played a small role as a partner and investor throughout the years, and we wish nothing but the best for the entire CoverWallet team through this next phase of their growth. They are getting an incredibly powerful new partner and platform in Aon, a company they’ve been working closely with for a while now, and we look forward to seeing what these two companies will achieve together. Thank you Inaki and Rashmi for having us along for the journey over these last few years. We’ve learned so much from you.

See more coverage in The Wall Street Journal here, and make sure to share the news here.

The views expressed herein are solely the views of the author(s), are as of the date they were originally posted, and are not necessarily the views of Two Sigma Ventures, LP or any of its affiliates. They are not intended to provide, and should not be relied upon for, investment advice.