Insurtech startup Cover Genius raises $70M in Series D round led by Dawn Capital, others
Insurtech startup Cover Genius will use the capital to assist in the company's speedy business growth and expansion of its global insurance distribution platform XCover.
Global insurtech for embedded insurance raised $70 million in a Series D funding round led by Dawn Capital, with participation from New York-based Atlas Merchant Capital and existing investors King River Capital and GSquared.
The startup will use the capital to assist in the company's speedy business growth and expansion of its global insurance distribution platform XCover.
Since its Series C round, Cover Genius has reached $1.1 million in daily gross written premium (GWP), nearly tripling its annual revenue.
“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,” said Angus McDonald, CEO and Co-founder, Cover Genius.
He added, “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 over 65.”
Cover Genius is authorised in around 60 countries and all 50 US states and delivers personalised insurance and warranty products in any country, language, and currency, alongside available instant claim payments around the world.
It offers embedded protection to multiple industries, including airlines, travel and rental companies, financial services, retail, real estate, ticketing, logistics, the gig economy, and more.
Its partners include Booking Holdings, Kayak, , , Hopper, Skyscanner, Ryanair, Zip, SeatGeek, , and . XCover, Cover Genius’ global distribution platform, is also available on , , Wayfair, , and .
“Cover Genius is rethinking insurance distribution with a tech-forward platform that enables partners and end-customers to provide and access protection at the point of need. Embedded insurance is a rapidly growing segment of the market, and Cover Genius has built a leading platform that is globally enabled, multi-line, and end-to-end,” said Dan Chaplin, Principal at Dawn Capital.
Edited by Suman Singh