Cover Genius secures $80m in Series E Funding

Cover Genius, an insurtech specialising in embedded protection, announced today the successful completion of its Series E funding round, securing $80 million.

Despite the recent slowdown in tech funding, Spark Capital led the round, joined by existing investors Dawn Capital, King River Capital, and G Squared.

This funding marks another milestone for Cover Genius following a year of impressive growth and expansion. In 2023, the company achieved 107% year-on-year growth and maintained 145% Net Revenue Retention, thanks to partnerships with major digital businesses, providing embedded protection to over 30 million customers worldwide.

Angus McDonald, CEO and co-founder of Cover Genius, commented: “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,” further added McDonald.

Spark Capital led the Series E round. Existing investors Dawn Capital, King River Capital, and G Squared also reaffirmed their support, highlighting Cover Genius’ leadership in the insurtech sector.

“Cover Genius’ technology platform, global presence and focus on digital claims initially caught our attention years ago,” noted James Kuklinski, General Partner at Spark Capital. “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.”

The new capital infusion will accelerate Cover Genius’ growth initiatives, focusing on advanced technology such as AI-driven claims handling and expanding protection offerings on its platform. These enhancements will support both new and existing partnerships, enabling digital companies to distribute innovative protection products like Cancel For Any Reason (CFAR), Delay Valet (protection for travel inconveniences), and Protection Pocket.

Since its establishment in 2014, Cover Genius has transformed insurance distribution with its XCover platform. Through AI and data-driven insights, partners can offer a wide range of insurance and protection options tailored to various market segments. By providing customisable solutions, Cover Genius boosts conversion rates and revenues for global businesses, ensuring customer satisfaction with an industry-leading post-claims Net Promoter Score (NPS).

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