Cover Genius, the global insurtech for embedded insurance, has raised $70 million in Series D funding led by Dawn Capital, with participation from Atlas Merchant Capital, GSquared, and King River Capital. Last year, the company secured ~$73 million in Series C funding.
The “oversubscribed round” represents a “significant valuation uplift” from Cover Genius’ Series C in 2021.
Since then, the company has experienced a year of “immense growth,” reaching $1.1 million in daily gross written premium, nearly tripling its year-over-year revenue, and doubling its partnership base.
Cover Genius has also deepened its global capabilities by investing in India-based insurtech, ensuredIT, and broadened its reach in key verticals by acquiring a leading specialist in ticket refund protection, Booking Protect – which brings companies like SeatGeek, Seetickets, Tessitura, Secutix, Audienceview, Zaiko and more onto the XCover platform.
“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. 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%”, – says Angus McDonald, CEO and co-founder of Cover Genius.
“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. They’re working with some of the world’s largest platforms in multiple industries, and have combined exponential growth this year with an exceptionally strong business model. We’re excited to support Cover Genius as it continues to reshape the insurance industry and enable easy protection for consumers and businesses”, – says Dan Chaplin, Principal at Dawn Capital.