In a Series D funding round led by Dawn Capital, embedded insurance company Cover Genius got $70 million.
Atlas Merchant Capital, which was a new investor, and GSquared and King River Capital, that were already investors, also took part in the round.
Cover Genius was started in 2014 and is based in New York. It offers insurance to customers of digital companies like Hopper, Booking.com, Ryanair, Zip, Skyscanner, and Intuit.
The insurtech offers customized insurance and warranty products in any country, language, and currency, as well as instant claim payments all over the world. Cover Genius says it is in every state in the US and in more than 60 other countries.
“We’ve always been strategic about how we raise money,” says Angus McDonald, CEO and co-founder of Cover Genius. “Closing our largest funding round ever in a tough environment for raising money shows how strong our business model is.”
“Customers are unhappy with traditional insurers who disappeared during the pandemic and always give low Net Promoter Scores (NPS) after a claim. Our tech-forward solution is focused on a smooth and clear customer journey and, unlike traditional insurers, delivers an NPS of +65 after a claim.
With the new money, the company wants to focus on growing its business and growing its XCover platform for selling insurance around the world.
Cover Genius says that since its Series C round in 2021, its value has gone up “significantly.” With this new investment, the company has now raised more than $165 million in capital.
Since then, it says it has reached a daily Gross Written Premium (GWP) of $1.1 million, almost tripling its revenue year over year and doubling the number of partnerships it has. The company also put money into an Indian insurance tech company called ensuredIT and bought a company that protects ticket refunds called Booking Protect.
