Cover Genius, the global infrastructure provider for embedded protection, has raised $100m in a new funding round, lifting its valuation to $1.9bn.
The investment was backed by Vista Credit Partners, a subsidiary of Vista Equity Partners that provides strategic financing for enterprise software businesses. Morgan Stanley & Co. LLC acted as exclusive placement agent for the transaction.
The InsurTech intends to channel the fresh capital into three areas. It will strengthen ties with enterprise partners through improved integration tools, which it claims are already lifting conversion rates for merchants.
It will also expand its AI capabilities, spanning hyper-personalisation engines, agentic distribution of embedded cover and automated systems designed to speed up claims resolution. Finally, the firm plans to invest in platform scalability and pursue selective acquisitions to enter fresh verticals, targeting an embedded insurance market that Boston Consulting Group forecasts will expand from $13bn to more than $70bn in gross written premiums by 2030.
The raise follows a period of strong growth for the business. During 2025, revenue climbed 50% year-over-year, while cumulative gross written sales surpassed $3bn. The company’s reach extended to 240 million policies through tie-ups with major digital platforms including Klarna, Revolut, Priceline, Agoda, Booking.com, Turkish Airlines and Uber, alongside availability at Amazon, eBay, Coolblue, Wayfair, Flipkart, Tongcheng Travel and Southeast Asian ecommerce player Shopee. Its claims management platform XCover also achieved a 4.5 out of 5 ‘Excellent’ Trustpilot rating from over 70,000 verified consumer reviews.
Cover Genius runs a B2B2C embedded protection platform linking more than 200 partners with over 50 global insurance carriers, safeguarding upwards of 70 million end customers at the point of sale across travel, retail, ticketing and logistics. The firm differentiates itself from traditional insurers by adjusting product design, pricing and presentation in real time to fit each merchant’s customer journey and geographic mix. It operates in over 60 countries and all 50 US states.
Cover Genius co-founder and CEO Gus McDonald said, “We’ve spent more than a decade building the trust layer the world’s largest digital companies rely on to protect their customers. Today’s raise is about broadening possibilities: moving faster, going deeper into our partnerships, and building the AI capabilities that help people move through every step of their digital journey with certainty.”
Vista Credit Partners co-head and Vista Equity Partners senior managing director Pete Fisher said, “Vista Credit Partners is proud to support innovative enterprise software companies like Cover Genius with flexible capital solutions to further establish market leadership. It has built the infrastructure layer that enables many of the world’s leading digital platforms to embed protection seamlessly into their customer experience. The embedded insurance market is large, structural and growing, and Cover Genius has earned its position at the center of it.”
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