Cover Genius, a leading embedded insurance provider, has raised $80m in a Series E funding round that was led by Spark Capital.
The newly acquired funds will enable Cover Genius to accelerate its growth initiatives, enhance its digital insurance distribution solutions, implement Artificial Intelligence (AI) for claims processing, and broaden its range of protection solutions available on the platform, according to InsurTech Insights.
Despite challenges in the investment landscape, Cover Genius has demonstrated exceptional growth and expansion over the past year.
The company achieved an impressive 107% year-over-year revenue growth in 2023, alongside maintaining a robust 145% Net Revenue Retention rate.
It has also provided embedded protection to over 30m customers worldwide, cementing its position as a frontrunner in the InsurTech industry.
The Series E funding round will further fuel the company’s momentum, enabling it to continue innovating and expanding its reach in the rapidly evolving digital insurance landscape.
James Kuklinski, General Partner at Spark Capital, commented, “Cover Genius’ technology platform, global presence and focus on digital claims initially caught our attention years ago. By tackling common insurance obstacles such as limited market coverage, lengthy claims processes, and a lack of product diversity, the company has evolved into a category leader. We couldn’t be more excited to partner with the company as they continue driving more value to partners and a best-in-class consumer experience.”
Angus McDonald, CEO and co-founder of Cover Genius, stated, “The display of trust from our investors highlights the resilience of our embedded business model and potential for growth, particularly as we strategically focus on key markets like travel, retail, ticketing, and logistics. Our collaborations with well-known brands, including Uber, Ryanair, and eBay, demonstrate our unique ability to create customer-centric protection solutions backed by technology, policy innovation, and industry expertise.”
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