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Cover Genius raises $14 million for expansion push

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Sydney-based insurtech Cover Genius has successfully attracted support from US, UK and local investors, raising $US10 million ($14.51 million) in a Series B funding round as it expands to new countries.

Today’s announcement follows earlier seed and Series A fundraisings.

Founder and CEO Angus McDonald says this latest round of funding “will help us build out our bicoastal US presence, European and Asian operations, and expand in half a dozen new countries in line with the needs of our global partners and customers”.

The round was led by venture capital firm King River Capital, and attracted the New York-based Belfer family, London-based Jasper Tans and Sydney-based firms Regal Funds Management and Marinya Capital.

King River Capital partner Chris Barter says Cover Genius, which now has branch offices in New York and London, has tapped into a growing need for more customer-centric insurance solutions on a global scale.

“Their extraordinary growth over the past few years is no surprise when you look at the many friction points for customers that they have resolved and the opportunities they provide for partners,” he said.

Cover Genius offers tech solution XClaim, a program for instant payment of approved claims which executes thousands of bank transfers per month into more than 90 currencies. It also allows partners or customers to choose other forms of payment including store credit, e-wallet and card top-ups.

“The insurance industry has been held back by legacy systems and a lack of global coordination and customer-centricity for decades,” Mr McDonald said. “We sought to…streamline the claims process and enable the world’s largest online companies to protect their global customers.”