Embedded InsurTech Cover Genius lands $70m


Cover Genius, a global InsurTech for embedded insurance, has raised $70m in Series D funding.

The round was led by Dawn Capital, with participation from new investor, New York-based Atlas Merchant Capital, and existing investors including GSquared and King River Capital.

Cover Genius offers embedded protection to multiple industries including airlines, travel and rental companies, retail, financial services, real estate, logistics, ticketing, gig economy and benefit companies and more.

Cover Genius said the raise will assist in its rapid business growth and expansion of its award-winning global insurance distribution platform, XCover.

The InsurTech added that the oversubscribed round represents a significant valuation uplift from its Series C in 2021.

Since then, the company has experienced a year of immense growth, reaching $1.1m in daily Gross Written Premium (GWP), nearly tripling its year-over-year revenue. The InsurTech has also doubled its partnership base with new logos including leading American travel app, Hopper, two of the world’s largest airlines, Ryanair and Turkish Airlines, buy-now, pay later leader, Zip; and Indian gig economy platforms, Ola and Betterplace.

The InsurTech has also deepened its global capabilities by investing in India-based InsurTech, ensuredIT, and broadened its reach in key verticals by acquiring a leading specialist in ticket refund protection, Booking Protect, which brings market leaders like SeatGeek, Seetickets, Tessitura, Secutix, Audienceview, Zaiko and more onto the XCover platform.

Angus McDonald, CEO and co-founder of Cover Genius, said, “We’ve always been strategic about our approach to fundraising, and closing our highest-ever funding round in a challenging environment for raising capital reinforces the strength of our embedded business model.

“Customers are dissatisfied with traditional insurers who went missing during the pandemic and consistently deliver low post-claim Net Promoter Scores (NPS) scores. Our tech-forward solution focuses on a seamless and transparent customer journey and, in contrast to traditional insurers, delivers a post-claim NPS of +65‡.”

Recently, Cover Genius partnered with Turkish Airlines to bolster its travel protection to global passengers.

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