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Insurtech Cover Genius raises $70m Series D

Cover Genius will use the new funding to expand its global distribution platform XCover.

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Chris Bayley & Angus McDonald/Cover Genius.

Insurtech for embedded insurance Cover Genius has raised $70m in a funding round led by Dawn Capital.

The Series D round will help the insurtech’s rapid business growth and expansion of its global insurance distribution platform, XCover.

The company said the round represents a “significant valuation lift” from its last raise in 2021, though it did not say what its current valuation is.

Since last year it has hit $1.1m in daily Gross Written Premium, nearly tripled its year-on-year revenue and doubled its partnership base.

“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,” Cover Genius co-founder and CEO Angus McDonald said.

“Customers are dissatisfied with traditional insurers who went missing during the pandemic and [...] our tech-forward solution focuses on a seamless and transparent customer journey.”

The insurtech has expanded its partners over the last year to include American travel app Hopper, airlines Ryanair and Turkish Airlines, ‘buy now, pay later’ Zip and Indian gig economy platforms Ola and Betterplace.

The platform is licensed and authorised in all 50 states as well as more than 60 countries.

“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,” Dawn Capital principal Dan Chaplin said. 

“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.”

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