‘Category leader’ Cover Genius raises $120 million
Cover Genius has completed an $US80 million ($121 million) funding round led by US-based venture capital firm Spark Capital.
The insurtech plans to invest in improved digital insurance distribution, AI claims handling and expanded protection offerings through its XCover platform.
CEO and co-founder Angus McDonald says the group’s collaborations with brands including Uber, Ryanair and eBay demonstrate a “unique ability to create customer-centric protection solutions backed by technology, policy innovation and industry expertise”.
Existing investors Dawn Capital, King River Capital and G Squared also participated in the latest funding round.
“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,” Mr McDonald said.
Cover Genius offers bundled and standalone solutions and says it delivers “highly relevant protection options at the most suitable prices and times”.
It is licensed or authorised in more than 60 countries and every US state, and enables partners to embed and sell multiple lines of insurance and other types of protection.
Cover Genius – co-founded by Chris Bayley, formerly of Google’s Sydney office, where he managed the insurance team – says it has more than 30 million customers. Its revenue grew 107% in 2023 compared with 2022.
“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,” Spark partner James Kuklinski said.