Fintech
Cover Genius closes $80 million in Series E funding
Today, the leading insurtech in the integrated protection sector, Genius cover closes $80 million Series E funding round. Despite the slowdown in tech funding, the round was led by Spark Capital with support from existing investors, including Dawn Capital, King River Capital and G Squared.
This financing follows a remarkable year of sustained growth and expansion for Cover Genius and its award-winning global distribution platform, XCover. In 2023, the company achieved remarkable 107% year-over-year growth and maintained an impressive 145% net revenue retention by partnering with some of the world’s largest digital companies to provide integrated protection to more than 30 million customers all over the world.
“The demonstration of confidence from our investors highlights the resilience of our integrated business model and growth potential, particularly as we strategically focus on key markets such as travel, retail, ticketing and logistics,” said 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-focused protection solutions supported by technology, policy innovation and industry expertise.”
Spark Capital, a US-based venture capital firm recognized for partnering with bellwether technology companies such as Twitter, Coinbase and Slack, led the Series E. Additionally, showing their continued support for the company, existing investors Dawn Capital, King River Capital and G Squared also participated. These diverse investments underline Cover Genius’ position as a global leader in the insurtech sector.
“Cover Genius’ technology platform, global presence and focus on digital claims initially caught our attention years ago,” said James Kuklinski, general partner at Spark Capital. “By addressing common insurance barriers, such as limited market coverage, lengthy claims processes and lack of product diversification, the company has evolved into a category leader. We couldn’t be more excited to partner with the company as it continues to deliver more value to partners and a best-in-class consumer experience.”
The new capital will enable Cover Genius to accelerate its growth plans and continue to invest in cutting-edge technologies, including improved digital insurance distribution solutions, implementing artificial intelligence (AI) claims management and expanding protection solutions available on the platform. Improved technology capabilities and solution expansion will support new and existing partnerships, driving the creation of distinct solutions that offer innovative ways for digital businesses to deploy protection products, such as Cancel For Any Reason (CFAR), Delay Valet (payment for inconvenience travel), Protective pocket and other types of protection.
Since its inception in 2014, Cover Genius has advanced insurance distribution through its award-winning global distribution platform, XCover. Leveraging artificial intelligence and data-driven insights, the platform enables partners to provide a broad 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 increased revenues for global businesses. By providing highly relevant protection options at the most suitable prices and times, the company guarantees customer satisfaction supported by an industry-leading post-loss Net Promoter Score (NPS).