Cover Genius raises AUD$100 million in Series C round

Cover Genius raises AUD$100 million in Series C round

Insurtech works in multiple sectors including travel and partners with Booking Holdings

Travel insurance insuretech firm Cover Genius has raised $100 million Australian dollars in a Series C funding round.

The round was led by Sompo Holdings which invested around $68 million and was also supported by G Squared and existing investors.

Cover Genius says the funding comes after a “momentous six months” during which it tripled its gross written premium having signing over 20 new partners in multiple sectors.

The funding will be used to expand its global insurance distribution platform and support new e-commerce, property, travel, mobility, auto, B2B and financial services partners.

Angus McDonald, chief executive and co-founder of Cover Genius, said: “With 70% of customers wanting embedded insurance integrated into their online experiences, our XCover distribution platform is helping some of the world’s largest global companies exceed their customer expectations of what insurance can be with a single API call.

“Our technology, licensed in more than 60 countries and all 50 US states, gives our partners the ability to protect their customers, regardless of location, currency or language. This strategic investment will help us expand our capabilities into markets equipped for new lines of distribution.”

Founded in 2014, Cover Genius is the global insurtech specialising in embedding insurance retailing services into major digital companies including Booking Holdings, eBay, Wayfair, and Intuit.

It works in multiple industries including property insurance for renters, landlords, homeowners and corporates, fintech and bank insurance programmes, solutions for retailers, gig contractors, logistics platforms, cyber security companies and online travel agencies, rental car aggregator and airlines.

Daniel Neo, chief executive of Sompo Asia, said: “Given that Cover Genius has been awarded as the number one fastest-growing global insurtech, according to the Financial Times, we are excited to partner with a frontrunner in the space whose technology is uniquely positioned for a global, platform-based economy.

“The company’s disruptive approach to insurance benefits both customers, who receive a seamless digital experience, and partners that can provide customers global, expandable insurance offerings with dynamic pricing and product recommendations.”

“Cover Genius’ impressive management team has built a global, multi-line insurance offering with what we believe to be unrivalled breadth,” added Larry Aschebrook, founder and managing partner of G Squared.

“The company has partnered with a number of top-tier companies to utilize its insurance distribution platform and has demonstrated clear recurring revenue growth with those partners. We view the unique underwriting customisation as a key differentiator and are delighted to support Cover Genius in this exciting next chapter.”