Digital insurer Cover Genius has reportedly raised £8.3m in its latest funding round as it looks to expand its product offering.
King River Capital led the investment, with contributions also coming from Leap Capital, according to a report from UKTN.
With the fresh funding, Cover Genius is looking to grow its product suite and expand its partner network internationally.
The InsurTech help consumers to buy insurance at the point they need it. Its services are used within retail, payments, logistics, mobility, auto, travel, property, business services and the gig economy.
This investment comes alongside the launch of the its products on Shopee Thailand, an online shopping platform.
Over the course of the past month, the InsurTech has integrated its services with six global e-commerce platforms, the article states.
Cover Genius CEO and co-founder Angus McDonald told UKTN, “Our global partner network is rapidly growing and this recent raise will support the ongoing development of high volumes of strategic partnership deals, across a broad range of insurance lines, verticals and geographies.
“Customers want to protect their purchases, big or small, and given the option many will take insurance cover at the point of sale from their favourite online brands. The confidence this gives customers is driving an increase in purchase volume with 32% of customers happy to buy and spend more if offered insurance. Our partners are certainly ahead of the curve and can see the value of insurance not only to their customers, but also their business.”
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