Cover Genius raises $70 million
Cover Genius, “the leading insurtech for embedded insurance,” has secured $100 million AUD (~$70M USD) in a Series C funding round led by Sompo Holdings (Asia), with participation from G Squared and other existing investors. The latest funding round follows a momentous six months during which Cover Genius tripled its gross written premium after signing over 20 new partners across multiple industries.
Founded in 2014, Cover Genius provides embedded insurance to customers of popular brands such as Booking Holdings, eBay, Wayfair, and Intuit. The funding will be used to expand its global insurance distribution platform and support new e-commerce, property, travel, mobility, auto, B2B and financial services partners.
“With 70% of customers wanting embedded insurance integrated into their online experiences, our XCover distribution platform is helping some of the world’s largest global companies exceed their customer expectations of what insurance can be with a single API call. Our technology, licensed in more than 60 countries and all 50 US states, gives our partners the ability to protect their customers, regardless of location, currency or language. This strategic investment will help us expand our capabilities into markets equipped for new lines of distribution.” – Angus McDonald, CEO and co-founder of Cover Genius.
“Given that Cover Genius has been awarded as the number one fastest-growing global insurtech, according to the Financial Times, we are excited to partner with a frontrunner in the space whose technology is uniquely positioned for a global, platform-based economy. The company’s disruptive approach to insurance benefits both customers, who receive a seamless digital experience, and partners that can provide customers global, expandable insurance offerings with dynamic pricing and product recommendations.” – Daniel Neo, CEO of Sompo Asia.
“Cover Genius’ impressive management team has built a global, multi-line insurance offering with what we believe to be unrivaled breadth. The company has partnered with a number of top-tier companies to utilize its insurance distribution platform and has demonstrated clear recurring revenue growth with those partners. We view the unique underwriting customization as a key differentiator and are delighted to support Cover Genius in this exciting next chapter.” – Larry Aschebrook, founder and managing partner, G Squared.