New York-based mobile insurance platform Cover has announced that it closed a $16 million Series B round.

The new round of funding will be used to scale the team and rapidly expand its insurance product offerings.

The round was led by Tribe Capital with participation from Y Combinator, Social Capital, Exor, and Samsung Ventures.

This round brings Cover's total funding to $27 million. The company's annualized premium for 2018 has already surpassed $8.5 million and has been growing at around 30 percent month over month.