Cover Genius, the insurtech for embedded insurance protection, announced its $80 mn Series E funding round led by Spark Capital with support from existing investors, including Dawn Capital, King River Capital and G Squared.
This funding comes after a year of significant growth and expansion for Cover Genius and its acclaimed global distribution platform, XCover.
In 2023, the company experienced a 107% increase in year-on-year growth and achieved a 145% Net Revenue Retention rate.
This success was driven by partnerships with major digital businesses, allowing Cover Genius to offer embedded protection to over 30 million customers globally.
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
Angus McDonald, CEO and co-founder of Cover Genius
“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,” said Angus McDonald
Spark Capital, a US-based venture capital firm known for its investments in leading technology companies such as Twitter, Coinbase, and Slack, led the Series E funding round.
Existing investors Dawn Capital, King River Capital, and G Squared also contributed, demonstrating their ongoing support.
These diverse investments highlight Cover Genius’ status as a global leader in the insurtech industry.
Cover Genius’ technology platform, global presence and focus on digital claims initially caught our attention years ago
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.”
Cover Genius will use the new capital to accelerate its growth and enhance its technology, focusing on advanced digital insurance distribution solutions, AI-driven claims handling, and a broader range of protection solutions on its platform.
The technological advancements and solution expansions will support both new and existing partnerships, enabling the creation of unique solutions for digital companies to distribute protection products innovatively.
These products include Cancel For Any Reason (CFAR), Delay Valet (coverage for travel inconveniences), Protection Pocket, and other types of protection.
Since its inception in 2014, Cover Genius has advanced insurance distribution through its global distribution platform, XCover.
By leveraging 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 both bundled and standalone solutions, resulting in increased conversion rates and enhanced revenues for global businesses. The company ensures customer satisfaction backed by an industry-leading post-claims Net Promoter Score (NPS).
by Peter Sonner
