Cover Genius is looking to strengthen its position as an InsurTech leader around the world after raising $10m in a Series B funding round.
The startup will use the money to recruit more talent and to expand its services across the UK, the US and into Asia.
“This latest round of funding will help us build out our European and Asian operations, bi-coastal US presence, and expand in half a dozen new countries in line with the needs of our global partners and customers,” said Angus McDonald, the CEO and co-founder of Cover Genius.
King River Capital, the venture capital firm, led the round. Investment professional Jasper Tans, the New York-based Belfer Family, the Australian-based pre-IPO fund, Regal Funds Management, and Marinya Capital also participated in the fund.
Chris Barter, partner at King River Capital, said Cover Genius’ “extraordinary growth over the past few years is no surprise when you look at the many friction points for customers that they have resolved and the opportunities they provide for partners to offer protection to all their worldwide customers and increase customer loyalty.”
He added, “We are pleased to support their ongoing growth and continued international expansion.”
McDonald and Chris Bayley founded the company in2014. Since then, they claim to have enabled millions of customers worldwide to purchase insurance from their favourite online brands, such as Booking Holdings.
“The insurance industry has been held back by legacy systems and a lack of global coordination and customer-centricity for decades,” said McDonald. “We sought to change that and create simple, yet useful, policies, streamline the claims process and enable the world’s largest online companies to protect their global customers.”
“Customer needs have evolved and today they want protection for a variety of items like sports equipment, pets, electronics, contracting work, jewellery, flight tickets, and cars. We are evolving the insurance experience to cover all of the things they care about and purchase online,” he said.
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