Cover Genius has raised AUD$100 million in a Series C funding round led by Sompo Holdings Asia (Sompo Asia) who invested AUD$68 million, with participation from G Squared and other existing investors.
The latest funding round follows a good six months for the insurtech, during which it tripled its gross written premiums after signing over 20 new partners across multiple industries.
The funding will be used to expand its global insurance distribution platform and support new e-commerce, property, travel, mobility, auto, B2B and financial services partners.
Founded in 2014, Cover Genius is the global insurtech specialising in providing end-to-end embedded insurance to customers of large digital companies.
Cover Genius offers global capabilities to multiple industries, including property insurance for renters, landlords, homeowners and corporates, fintech and bank insurance programs, solutions for retailers, gig contractors, logistics platforms, cyber security companies and online travel agencies, rental car aggregator and airlines.
Angus McDonald, Chief Executive Officer (CEO) and co-founder of Cover Genius, commented: “With 70% of customers wanting embedded insurance integrated into their online experiences, our XCover distribution platform is helping some of the world’s largest global companies exceed their customer expectations of what insurance can be with a single API call.
“Our technology, licensed in more than 60 countries and all 50 US states, gives our partners the ability to protect their customers, regardless of location, currency or language. This strategic investment will help us expand our capabilities into markets equipped for new lines of distribution.”
Daniel Neo, CEO of Sompo Asia said: “Given that Cover Genius has been awarded as the number one fastest-growing global insurtech, according to the Financial Times, we are excited to partner with a frontrunner in the space whose technology is uniquely positioned for a global, platform-based economy.
“The company’s disruptive approach to insurance benefits both customers, who receive a seamless digital experience, and partners that can provide customers global, expandable insurance offerings with dynamic pricing and product recommendations.”
Larry Aschebrook, Founder & Managing Partner, G Squared, commented: “Cover Genius’ impressive management team has built a global, multi-line insurance offering with what we believe to be unrivalled breadth.
“The company has partnered with a number of top-tier companies to utilise its insurance distribution platform and has demonstrated clear recurring revenue growth with those partners.
“We view the unique underwriting customisation as a key differentiator and are delighted to support Cover Genius in this exciting next chapter.”
