Cover Genius, an insurtech platform for embedded insurance has raised $70 million in Series D funding round. The round was led by Dawn Capital, with participation from new investor, New York-based Atlas Merchant Capital, and existing investors including GSquared and King River Capital.
The raise will assist in the rapid business growth and expansion of its global insurance distribution platform, XCover, said the company. Cover Genius offers embedded protection to multiple industries including airlines, travel and rental companies, retail, and financial services, among others.
Angus McDonald, CEO and co-founder of Cover Genius, said, “customers are dissatisfied with traditional insurers who went missing during the pandemic and consistently deliver low post-claim Net Promoter Scores (NPS). Our tech-forward solution focuses on a seamless and transparent customer journey.”
It said that the platform is licensed or authorized in more than 60 countries and all 50 US states and delivers personalized insurance and warranty products in any country, language and currency alongside available instant claim payments.
The company said it has reached $1.1 million in daily Gross Written Premium (GWP), nearly tripling its year-over-year revenue, and doubling its partnership base with new logos including American travel app, Hopper, Ryanair, and Turkish Airlines, buy-now, pay later player Zip; and Indian gig economy platforms, Ola and Betterplace.
Dan Chaplin, Principal at Dawn Capital, said, “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. We’re excited to support Cover Genius as it continues to reshape the insurance industry and enable easy protection for consumers and businesses.”