Finance

Cover Genius closes $80m Series E funding round

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Cover Genius, a global insurtech for embedded protection, has raised $80m (£63m/€74m) in a Series E funding round.

The round was led by Spark Capital, with support from existing investors such as Dawn Capital, King River Capital and G Squared. 

Spark Capital is a US-based venture capital firm recognised for partnering with technology companies such as Twitter, Coinbase and Slack. The funding follows a year of growth for Cover Genius and its global distribution platform, XCover. In 2023, the company reported 107% year-on-year growth and maintained 145% net revenue retention by partnering with global digital businesses. 

The fresh capital will enable Cover Genius to continue investing in cutting-edge technology, deploying AI (artificial intelligence) claims handling, and expanding its protection solutions. 

“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,” said Angus McDonald, chief executive and co-founder of Cover Genius.

“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. We couldn’t be more excited to partner with the company as they continue driving more value to partners and a best-in-class consumer experience.”

James Kuklinski, general partner at Spark Capital, added: “Cover Genius’ technology platform, global presence and focus on digital claims initially caught our attention years ago. 

“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. We couldn’t be more excited to partner with the company as they continue driving more value to partners and a best-in-class consumer experience.”

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