A Message from our CEO: Reflecting on Cover Genius' Journey and Looking Forward

By: Angus McDonald, CEO and Co-founder of Cover Genius

Today, Cover Genius is pleased to announce the closure of our $80M+ Series E funding round. Reflecting on this milestone, I am filled with immense gratitude. Over the past decade, Cover Genius has grown from a small startup to an industry leader in the world of insurtech. This display of trust from our investors highlights the strength of our embedded business model and the potential for growth as we look ahead.

Looking Back

Cover Genius was founded 10 years ago in 2014. My co-founder Chris and I pivoted our online travel business when we witnessed firsthand the challenges of distributing insurance across multiple regions and a clear opportunity to improve the insurance industry with technology. Traditional insurance models were slow, cumbersome, and frustrating for customers. We wanted to create something better – a more efficient, customer-friendly insurance experience. Our team worked tirelessly to secure licenses and authorizations in 60 countries and all 50 US states and build the leading insurance distribution platform.

Soon after, we launched XCover a ‘full stack’ platform that enables partners to embed and sell any line of insurance and other types of protection anywhere in the world. Since then, we’ve collaborated with some of the world’s largest digital companies (Booking Holdings, Uber, Klarna, Spirit Airlines, eBay, and more), expanded our workforce to over 600 employees, and opened offices around the world, including New York, London, Amsterdam, Singapore, and Sydney among others. 

At our core, we’ve maintained flexible technology that allows us to meet the evolving needs of our partners and built customer-first solutions backed by technology, policy innovation, and industry expertise. Cover Genius is truly a category-defining business, working across industries and regions to deliver any type of protection product to any customer, anywhere in the world. 

Fresh Capital and What’s Next 

The closure of our Series E funding round marks an important milestone in our journey. Despite the tech funding slowdown, this round was led by a new investor in Spark Capital with support from existing investors, including Dawn Capital, King River Capital and G Squared. Spark has followed Cover Genius for several years, so it’s exciting to officially welcome them to Cover Genius and have the continued support of our existing investors. This investment underscores Cover Genius’ position as a global leader in the insurtech industry. 

I’m most excited about our business growth, and the position this fresh capital puts us in for the future. In 2023, we achieved a remarkable 107% year-on-year growth and maintained a 145% Net Revenue Retention by partnering with some of the world’s largest digital businesses to provide embedded protection to over 30 million customers worldwide. 

These new funds will drive growth in key markets like travel, retail, ticketing, and logistics. It will also accelerate our investment in cutting-edge technology, including improved digital insurance distribution solutions, deploying Artificial Intelligence (AI) claims to handle claims and expand the protection solutions available on our platform.

A Sincere Thank You 

Our success is a testament to the hard work, dedication, and ingenuity of our global team members, partners and investors. I want to personally thank every individual who’s shared our vision to protect the customers of the world’s largest digital companies and propelled the company to where it is today. 

From Day 1, we have always strived to create a company with diverse individuals who embody our company values – “We Make it Better, “We Make it Our Own,” “We Succeed Together,” and “We Create Magic.” And, while the business has changed and matured over the last decade, I’m proud to say that our values never have. Our global team is truly at the heart of everything we do at Cover Genius. The team is not only essential to making our business thrive but is also, personally, what fuels my excitement for the future of our company.

We have an exciting few years ahead and I look forward to the next decade of continued success.

–  Gus