Upcover
Category: AI in Fintech
Upcover provides personalized insurance and benefits solutions for gig economy workers and small businesses. Upcover was founded in 2019. The company is led by Skye Theodorou. Based in Sydney, Australia. Team size: N/A. Total funding raised: $23.7 million. Latest round: $19 million funding round led by RealVC.. Key investors include RealVC, Antler Elevate, Betterlabs, Gandel Invest, Marshall Investments.
- Founded
- 2019
- Headquarters
- Sydney, Australia
- Team size
- N/A
- Total funding
- $23.7 million
Value proposition
Offers flexible, pay-as-you-go insurance products tailored to the needs of gig workers and small businesses.
Products and solutions
Professional indemnity, Public and products liability, Cyber, Directors’ and officers’ insurance
Unique value
Upcover's pay-as-you-go model allows workers to choose their coverage and pay monthly, with the option to cancel or adjust as needed. They also engage closely with gig workers to tailor products to their needs.
Target customer
Gig economy workers and small businesses.
Industries served
Gig economy, Small businesses
Technology advantage
Leveraging technology to offer flexible insurance products and integrating with APIs for real-time usage-based pricing.
How they differentiate
Upcover differentiates itself by offering personalized, flexible insurance products that adapt to the changing needs of businesses, especially in the gig economy.
Main competitors
Traditional insurance brokers
Key partnerships
Agile Underwriting Services, Antler program, Lawpath
Notable customers
More than 70,000 businesses use the Upcover platform
Major milestones
Successfully raised significant funding Expanded user base Plans to launch new digital insurance products
Growth metrics
Doubled revenue and halved costs in 2024. Named in Gallagher Global InsurTech Report Q3 2025 as AI-driven commercial insurance innovator. Launched Australia's first dedicated fintech insurance vertical (June 2025).
Market positioning
Upcover positions itself as a disruptor in the commercial insurance space, leveraging technology to improve customer experience and fit.
Geographic focus
Currently focused on Australia, with plans to expand into the Asia Pacific region.
Patents and IP
Not explicitly mentioned in the search results.
About Skye Theodorou
Skye Theodorou is the Co-founder and CEO of Upcover, an insurtech company revolutionizing insurance for the gig economy and small businesses. She is also a Non-Executive Director at Insurtech Australia, where she contributes to the growth of the Australian insurtech ecosystem. Her experience spans across the insurance and technology sectors, with a strong focus on innovation and creating user-centric solutions. Before founding Upcover, she held roles at Zurich Financial Services Australia and the NSW Department of Finance, Services and Innovation.
Official website: https://www.upcover.com/