Cover Whale, a trucking insurance startup operating as a managing general agent (MGA), has raised $40mn in equity funding from Morgan Stanley Expansion Capital.
The investment will support ongoing growth, with a focus on technology upgrades, advanced analytics, and new product lines.
This marks an expansion of Morgan Stanley’s relationship with the company. The firm initially backed Cover Whale in May 2024 through a structured debt deal.
In 2024, Cover Whale Insurance Solutions has sequred $27.5 mn in debt and equity from investment funds managed by Morgan Stanley Expansion Capital. The recent funding round, which included the conversion of existing debt investors into Series A preferred shareholders, will bolster Cover Whale’s growth and advancement in trucking insurance and road safety.
Founded in 2019, Cover Whale collaborates with multiple carriers to provide commercial insurance solutions tailored to the trucking sector.
Cover Whale, an insurtech firm established by experienced insurance and technology professionals, utilizes advanced technology, underwriting expertise, and data analytics to develop innovative insurance solutions for the commercial auto sector.
The company reported $133mn in gross written premiums (GWP) in H1 2025, following $184mn in GWP for the full year of 2024.
This past year was a turning point. We shifted our focus to platform upgrades, strengthened operations, and tightened our pricing and underwriting frameworks.
Dan Abrahamsen, CEO and founder
“Morgan Stanley’s shift from lender to equity investor validates the progress we’ve made. Their renewed support gives us the capital to pursue larger-scale opportunities,” Dan Abrahamsen says.
Nick Nocito, Executive Director at Morgan Stanley Expansion Capital, noted: “Our decision to invest growth equity reflects our strong view of Cover Whale’s business model and leadership. The team built a scalable platform in under two years. We expect this momentum to continue.”
The funds will go toward expanding the company’s technical infrastructure and building out insurance offerings.
With this round, Cover Whale aims to scale its operations and strengthen its position in the competitive commercial insurance space.
