Governor Hochul Announces Withcoverage To Expand In New York City, Creating 205 New Jobs

AI-Powered Risk Management Company Will Expand Manhattan Operations and Invest $25 Million in Research and Development Activities In New York

Empire State Development Supports WithCoverage with Up to $3 Million Through the Excelsior Jobs Program

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 & 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."

Read the full press release here.