Insurance technology specialist Cover Genius will use a new investment round of $72 million to help expand into new markets in Europe.
The Australia-based company got backing for the Series C round from Sompo Holdings, which led the investment.
G Squared and existing investors also participated. It has now raised around $95 million in total funding.
Founded in 2014, Cover Genius enables travel partners such as Booking Holdings, Skyscanner, Despegar, and Etravali Group to customize, add on and embed insurance offerings.
The round will also be used to support growth of its customer base in travel, mobility and other e-commerce areas.
Angus McDonald, CEO and co-founder, says: "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."
Its technologies include XCover, a distribution platform providing coverage for any line of insurance in any country, language and currency.
According to Research and Markets, the COVID-19 pandemic has accelerated the addressable market for insurance products that are embedded into points of sale or signup.
The global e-commerce market is expected to grow from $1,808.5 billion in 2019 to about $2,405.3 billion in 2020 with the global e-commerce market expected to reach $3,056.3 billion at a compound annual growth rate of 14% through 2023.
* Check a pitch and interview featuring Cover Genius from The Phocuswright Conference 2019.
Cover Genius - Launch - The Phocuswright Conference
Cover Genius interview (PhocusWire @ Phocuswright Conference 2019)