GOVERNOR HOCHUL ANNOUNCES WITHCOVERAGE TO EXPAND IN NEW YORK CITY, CREATING 205 NEW JOBS

The following information was released by the office of the Governor of New York:

Governor Kathy Hochul today announced that WithCoverage, an AI-powered insurance technology company, will significantly expand its New York City operations, creating 205 new full-time jobs while investing $25 million in research and development activities across New York over the next five years. The company plans to lease 17,663 square feet of office space at 200 Varick Street in Manhattan, consolidating its current operations into a larger headquarters to support its continued growth. Empire State Development is supporting the project with up to $3 million in performance-based Excelsior Jobs Program tax credits tied to job creation and research and development commitments.

"New York continues to attract the world's fastest-growing technology companies because we have the talent, innovation ecosystem and business environment they need to succeed," Governor Hochul said. "WithCoverage's decision to expand in New York City and create more than 200 high-quality jobs is another example of our strategy to grow the industries of the future while strengthening our economy today."

Founded in 2023, WithCoverage pairs a team of insurance experts and attorneys with artificial intelligence to modernize the risk management industry by helping businesses close coverage gaps and reduce insurance spend. The company has grown rapidly, recently raising $42 million in Series B financing led by investors including Sequoia Capital and Khosla Ventures. Today, more than half of the company's workforce is based in New York.

Empire State Development President, CEO and Commissioner Hope Knight said, "Under Governor Hochul's leadership, New York is making the investments needed to ensure the companies defining the future of artificial intelligence choose to grow here. WithCoverage is combining world-class AI talent with one of the country's largest financial and insurance markets, creating high-quality jobs while strengthening New York City's position as the place where breakthrough technologies become successful businesses."

WithCoverage CEO and Founder Max Brenner said, "New York is where the best of technology and the best of people come together from insurance experts and attorneys to AI engineers and product designers. Two years ago, there were only a handful of people in one office. Today, a majority of the team calls New York home, and with this expansion, we're formally opening our new headquarters."

WithCoverage joins more than 15 technology, AI and fintech companies that have recently expanded in New York with support from Empire State Development, including Clay, Rogo, ElevenLabs and Figma. Together, these projects represent more than 4,500 projected jobs and more than $250 million in research and development activity across the State. By pairing world-class talent with access to capital, customers and leading research institutions, New York has become a destination where innovative companies can start, grow and scale. These investments are creating high-quality jobs, accelerating research and development, and strengthening New York's leadership in the industries shaping the future.

Assemblymember Steve Otis said, "The WithCoverage expansion announcement is another example of New York's success in attracting and growing a wide variety of technology companies to the Empire State. New York has been a magnet for technology company growth, bringing jobs and a high-tech synergy that make our state the choice for many growing businesses. Governor Hochul and the Legislature have stood together to support this successful business environment. Congratulations to WithCoverage and Empire State Development on this great news."

About Empire State Development"

Empire State Development is New York's chief economic development agency, and promotes business growth, job creation, and greater economic opportunity throughout the state. With offices in each of the state's 10 regions, ESD oversees the Regional Economic Development Councils, supports broadband equity through the ConnectALL office, and is growing the workforce of tomorrow through the Office of Strategic Workforce Development. The agency engages with emerging and next generation industries like clean energy and semiconductor manufacturing looking to grow in New York State, operates a network of assistance centers to help small businesses grow and succeed, and promotes the state's world class tourism destinations through I LOVE NY. For more information, please visit esd.ny.gov, and connect with ESD on LinkedIn, Facebook and X.

About WithCoverage

WithCoverage is an AI-enabled risk management partner for the most ambitious businesses. The company pairs a team of insurance experts and attorneys with technology to replace the traditional insurance broker model and provide clients with superior service. Their AI platform enables the team to analyze complex policies, compare insurance programs, and make recommendations to better protect clients and save them money. They protect more than $50 billion in annual revenue for over 1,000 clients and have raised $50 million in funding from Sequoia Capital, Khosla Ventures and 8VC. For more information, please visit the WithCoverage website.

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