Cover Genius (see Pulse 2.0 profile here) – a leading insurtech for embedded protection – announced an $80 million Series E funding round. Spark Capital led the funding round with support from existing investors, including Dawn Capital, King River Capital and G Squared.
This funding follows a significant year of sustained growth and expansion for Cover Genius and its global distribution platform XCover. Last year, the company saw a remarkable 107% year-on-year growth. The company is working with some of the world’s largest digital businesses to provide embedded protection to over 30 million customers worldwide.
This funding round will enable Cover Genius to expedite its growth plans and continue to invest in sophisticated technology, including improved digital insurance distribution solutions, deploying AI claims handling, and expanding the protection solutions available on the platform. The improved tech capabilities and expansion of solutions will support new/existing partnerships, driving the creation of distinct solutions that offer innovative ways for digital companies to distribute protection products, such as Cancel For Any Reason (CFAR), Delay Valet (payment for travel inconveniences), Protection Pocket, and other types of protection.
Since being founded in 2014, Cover Genius has advanced insurance distribution through its award-winning global distribution platform, XCover. By utilizing AI and data-driven insights, the platform enables partners to provide a wide range of insurance and other types of protection across various market segments. With a focus on customization, Cover Genius offers bundled and standalone solutions, resulting in increased conversion rates and enhanced revenues for global businesses. The company also ensures customer satisfaction by delivering highly relevant protection options at the most suitable prices and times.
KEY QUOTES:
“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.”
– Angus McDonald, CEO and co-founder of Cover Genius
“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.”
– James Kuklinski, General Partner at Spark Capital
