Highlights of the Cover Genius Series D funding round:
- The Series D funding round saw Cover Genius bring in $70 million led by Dawn Capital.
- The round represents a significant increase in the valuation of the company, which has had a huge year of growth since the Series C round in 2021.
- Cover Genius offers a state-of-the-art insurance solution that operates on an integrated business model. It is precisely this model that the company plans to expand with the latest funding.
insurtech is a large market and the competition is fierce. This makes it all the more impressive that Cover Genius reached a new high of $1.1 million in gross premiums in a single day and around 10.5 million customers. Moreover, it only plans to find more as it expands its integrated business model. Learn more about this fast-growing company and what it plans to do with its Series D funding in the following press release.
cover genius, the global insurtech for integrated insurance, today announced that it has raised US$70 million in Series D funding in a round led by Dawn Capital, with participation from a new investor, New York-based Atlas Merchant Capital, and existing investors including GSquared and King River Capital. This increase will contribute to the rapid growth of the insurtech business and the expansion of its award-winning global insurance distribution platform, XCover.
The oversubscribed round represents a significant increase in valuation over Cover Genius’ Series C in 2021. Since then, the company has had a year of immense growth, reaching $1.1 million in gross written premiums (GWP ) daily, nearly tripling its value year over year. revenue and doubling its partnership base with new logos including America’s leading travel app, Hopper, two of the world’s largest airlines, Ryanair and Turkish Airlines, the leader in buy-it-now, pay-later , Zip; and India’s gig economy platforms, Ola and Betterplace.
The insurtech has also deepened its global capabilities by investing in India-based insurtech, secured IT and expanded 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 many more to the XCover platform.
“We have always been strategic in our approach to fundraising, and closing our highest ever funding round in a challenging capital raising environment reinforces the strength of our integrated business model,” said Angus. McDonald, CEO and co-founder of Cover Genius. . “Clients are dissatisfied with traditional insurers who have disappeared during the pandemic and consistently provide low net promoter scores (NPS) after claims. Our cutting-edge technology solution focuses on a smooth and seamless customer journey and, unlike traditional insurers, delivers a post-claims NPS of +65‡. »
Cover Genius offers integrated protection to several sectors, including Airlines companies, travel and rental agencies, detail, financial services, immovable, logisticsTicketing, gig economy and business benefits and more. Its list of partners includes the world’s largest digital companies, including Booking Holdings, owner of Priceline, Kayak and Booking.com, Intuit, Hopper, Skyscanner, Ryanair, zipper and Seat Geek. XCoverCover Genius’ award-winning global distribution platform, is also available at Amazon, eBayWayfair, Flipkartand the largest company in Southeast Asia, Shop.
The platform is licensed or authorized in over 60 countries and all 50 US states and offers customized insurance and warranty products in any country, language and currency, with instant claim payments available in the whole world.
“Cover Genius is reimagining insurance distribution with an advanced technology platform that enables partners and end customers to deliver and access protection when they need it,” said Dan Chaplin, principal at Dawn. Capital. “Integrated insurance is a rapidly growing market segment, and Cover Genius has built a leading platform that is globally enabled, multi-line and end-to-end. They work with some of the biggest platforms in the world across multiple industries and have combined exponential growth this year with an exceptionally strong business model. We are delighted to support Cover Genius as it continues to reshape the insurance industry and enable easy protection for consumers and businesses.
cover genius is the insurtech for integrated insurance that protects global customers of the world’s largest digital companies, including Booking Holdings, owner of Priceline, Kayak and Booking.com, Intuit, Hopper, Skyscanner, Ryanair, Ship DescartesRush, zipper and Seat Geek. We are too available on Amazon, Flipkart, eBayWayfair and Southeast Asia’s Largest Company, Shop. Cover Genius’ vision is to protect all customers of the world’s largest online businesses through XCoveran 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 its partners co-create solutions that incorporate licensed or authorized protection in over 60 countries and all 50 US states.
About Dawn Capital
Dawn is the largest B2B software specialist investor in Europe, partnering with founders who are building the
next generation of global software leaders. Dawn helps them harness extraordinary teams, exceptional technology, and scalable business models to build global, category-defining businesses. Dawn invests from inception to scale in cycles of growth to exit. Its list of investments includes Mimecast (formerly NASDAQ-listed, taken private by Permira in a $5.8 billion deal), iZettle (sold to PayPal for $2.2 billion in cash), Tink ( acquired by Visa for $2.0 billion), as well as current leaders, Collibra, Dataiku, Quantexa, Soldo, Copper and Firebolt, among others.
The original press release can be found on the Cover Genius website.
Spencer Hulse is editor at Grit Daily News. It covers startups, affiliates, viral and marketing news.