Cover Genius raises $70 mn to boost embedded insurance biz

Mumbai, Nov 1

US-based insurtech platform Cover Genius on Tuesday announced it has raised $70 million in its Series D funding led by Dawn Capital, with participation from a new investor, New York-based Atlas Merchant Capital.

The company said that the raised funds will assist in the insurtech's rapid business growth and expansion of its award-winning global insurance distribution platform, XCover.

"Customers are dissatisfied with traditional insurers who went missing during the pandemic and consistently deliver low post-claim Net Promoter Scores (NPS) scores. Our tech-forward solution focuses on a seamless and transparent customer journey," said Angus McDonald, CEO and co-founder of Cover Genius.

Existing investors including GSquared and King River Capital also participated in this round.

Cover Genius offers embedded protection to multiple industries including airlines, travel and rental companies, retail, financial services, real estate, logistics, ticketing, gig economy and benefit companies and more.

Its partners include Booking Holdings, owner of Priceline, Kayak and Booking.com, Intuit, Hopper, Skyscanner, Ryanair, Zip and SeatGeek.

Xcover is also available at Amazon, eBay, Wayfair, Flipkart and Shopee.

Insurtech set new record hitting $1.1 million in gross premiums in a single day and almost tripled its year-over-year revenue, reaching 10.5 million customers and doubling its partnership base with new logos, including Ola and Betterplace.

The company has also deepened its global capabilities by investing in India-based insurtech, 'ensuredIT', and broadened its reach in key verticals by acquiring a leading specialist in ticket refund protection called 'Booking Protect'.