Cover Genius lands $70m in Series D funding to boost growth
Global embedded insurance firm Cover Genius has secured $70 million in a Series D funding round led by Dawn Capital.
Cover Genius lands $70m
New investor Atlas Merchant Capital and existing investors GSquared and King River Capital also took part in the round.
Founded in 2014 and based in New York, Cover Genius offers embedded insurance for customers of digital companies such as Hopper, Booking.com, Ryanair, Zip, Skyscanner and Intuit, among others.
The insurtech offers personalised insurance and warranty products in any country, language and currency, and instant claim payments around the world. Cover Genius says it has a presence across all US states and in more than 60 countries.
“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,” says Angus McDonald, CEO and co-founder of Cover Genius.
“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.”
With the new funding, the company aims to focus on its business growth and expand its global insurance distribution platform, XCover.
Cover Genius says its valuation has received a “significant uplift” since its Series C round in 2021. The new investment brings its total capital raised to more than $165 million.
It claims to have since reached $1.1 million in daily Gross Written Premium (GWP), almost tripling its year-on-year revenue, and doubling its partnerships. The company also invested in Indian insurtech ensuredIT and acquired ticket refund protection specialist Booking Protect.
