Cover Genius Raises $70M in Series D Funding to Further Expand Embedded Business Model
Raise led by Dawn Capital, with strong participation from new and existing investors Atlas Merchant Capital, GSquared and King River Capital
Insurtech sets new record hitting $1.1 million in gross premiums in a single day and almost triples its year-over-year revenue, reaching 10.5 million customers
NEW YORK, NY – November 1, 2022 – Cover Genius, the global insurtech for embedded protection, today announced it has raised $70M USD in Series D funding in a round led by Dawn Capital, with participation from new investor, New York-based Atlas Merchant Capital, and existing investors including GSquared and King River Capital. The raise will assist in the insurtech’s rapid business growth and expansion of its award-winning global insurance distribution platform, XCover.
The oversubscribed round represents a significant valuation uplift from Cover Genius’ Series C in 2021. Since then, the company has experienced a year of immense growth, reaching $1.1m in daily Gross Written Premium (GWP), nearly tripling its year-over-year revenue, and doubling its partnership base with new logos including leading American travel app, Hopper, two of the world’s largest airlines, Ryanair and Turkish Airlines, buy-now, pay later leader, Zip; and Indian gig economy platforms, Ola and Betterplace.
The insurtech 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, Booking Protect – which brings market leaders like SeatGeek, Seetickets, Tessitura, Secutix, Audienceview, Zaiko and more onto the XCover platform.
“We’ve always been strategic about our approach to fundraising, and closing our highest-ever funding round in a challenging environment for raising capital reinforces the strength of our embedded business model,” said Angus McDonald, CEO and co-founder of Cover Genius. “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 and, in contrast to traditional insurers, delivers a post-claim NPS of +65‡.”
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 roster of partners includes the world’s largest digital companies, including Booking Holdings, owner of Priceline, Kayak and Booking.com, Intuit, Hopper, Skyscanner, Ryanair, Zip and SeatGeek. XCover, Cover Genius’ award-winning global distribution platform, is also available at Amazon, eBay, Wayfair, Flipkart, and SE Asia’s largest company, Shopee.
The platform is licensed or authorized in more than 60 countries and all 50 US states and delivers personalized insurance and warranty products in any country, language and currency alongside available instant claim payments around the world.
“Cover Genius is rethinking insurance distribution with a tech-forward platform that enables partners and end-customers to provide and access protection at the point of need, ” said Dan Chaplin, Principal at Dawn Capital. “Embedded insurance is a rapidly growing segment of the market, and Cover Genius has built a leading platform that is globally enabled, multi-line and end-to-end. They’re working with some of the world’s largest platforms in multiple industries, and have combined exponential growth this year with an exceptionally strong business model. We’re excited to support Cover Genius as it continues to reshape the insurance industry and enable easy protection for consumers and businesses.”
About Cover Genius
Cover Genius is the insurtech for embedded protection. Together, we protect the global customers of the world’s largest digital companies including Booking Holdings, owner of Priceline, Kayak and Booking.com, Intuit, Hopper, Skyscanner, Ryanair, Descartes ShipRush, Zip and SeatGeek. We’re also available at Amazon, Flipkart, eBay, Wayfair and SE Asia’s largest company, Shopee. Cover Genius’ vision is to protect all the customers of the world’s largest online companies through XCover, an award-winning global distribution platform for any line of insurance or warranty, with an API for instant claims payments that holds an industry-leading NPS of +65‡.
Cover Genius and partners co-create solutions that embed protection that’s licensed or authorized in over 60 countries & all 50 US States.
About Dawn Capital
Dawn is Europe’s largest specialist B2B software investor partnering with founders building the
next generation of global software leaders. Dawn supports them to harness extraordinary teams, exceptional technology and scalable business models on their way to building category-defining global companies. Dawn invests from early stage right through the scale-up journey in growth rounds through to exit. Its roster of investments includes Mimecast (formerly NASDAQ-listed, taken private by Permira in a $5.8bn transaction), iZettle (sold to PayPal for $2.2bn cash), Tink (acquired by Visa for $2.0bn), as well as current leaders, Collibra, Dataiku, Quantexa, Soldo, Copper and Firebolt, amongst others.