Cover is a free app that tracks insurance rates and allows people to “cover” (aka get coverage for) items like cars, homes, pets, jewelry and electronics after taking a photo of the item using their phone. Cover uses CoverInsurance.com for its website, although the company has also been using UseCover.com to forward to CoverInsurance.com. Smartly, it looks like the company secured the Cover.com domain name.
This morning, I noticed a Whois change on Cover.com. The domain name was previously owned by Digimedia, and it is now privately registered. When I visited Cover.com, it forwarded me to CoverInsurance.com. Because Digimedia doesn’t generally comment about its deals, I am not certain if the insurance app acquired the domain name, and if the company did, I couldn’t speculate about how much the domain name cost with any certainty. I could see this domain name selling for mid six figures though.
Cover was founded in 2014, and it looks like the app is growing. According to CrunchBase, Cover has raised a total of $11.12 million in funding from 8 investors over 4 rounds. Interestingly, the company just raised a $8M Series A round of funding a month ago on July 13, 2017. I would imagine some of this funding was used to acquire the Cover.com (assuming the domain name was sold and isn’t being leased or bought via payment plan).
Digimedia owns a valuable portfolio of exceptional domain names, and I am sure the company valued Cover.com highly. I reached out to the team at Digimedia to see if they would comment about Cover.com. If they are willing to share any information, I will update my article.
Of note is that Cover is an app. The website provides information about Cover, and it directs people to download the app via Apple’s iTunes store (the Android app is apparently coming soon). This is notable because of the number of people who have claimed that this is the era of apps and domain names aren’t as important. There are a number examples that disprove this thinking (such as the Squeeze upgrade). I think it was wise for Cover to upgrade to Cover.com. I will keep my eye on this to see if the brand makes Cover.com its primary url.