Business insurance startup CoverWallet has closed an $18.5 million series B funding round led by Foundation Capital with participation from existing investors, Union Square Ventures, Index Ventures, CV Starr and Two Sigma Ventures.

As part of the funding, Foundation Capital Partner Charles Moldow and Union Square's John Buttrick have been added to CoverWallet's board.

The company plans to use the funding to continue building its core technology, expand partnerships and scale operations.