Insurtech specialist Cover Genius has raised $80 million in a Series E funding round.
The investment in the New York-based company, which was set up in 2014, was led by Spark Capital with existing investors including Dawn Capital, King River Capital and G Squared also participating.
According to a release, Cover Genius achieved 107% year-over-year growth in 2023. The company plans to put the funds toward further growth and technology investment, “including improved digital insurance distribution solutions, deploying artificial intelligence claims handling and expanding the protection solutions available on the platform.”
The company said the technology enhancements would enable it to create “distinct solutions that offer innovative ways for digital companies to distribute protection products, such as cancel for any reason, delay valet (payment for travel inconveniences), protection pocket and other types of protection.”
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Angus McDonald, co-founder and CEO of Cover Genius, said, “The display of trust from our investors highlights the resilience of our embedded business model and potential for growth, particularly as we strategically focus on key markets like travel, retail, ticketing and logistics. Our collaborations with well-known brands, including Uber, Ryanair, and eBay, demonstrate our unique ability to create customer-centric protection solutions backed by technology, policy innovation and industry expertise.”
James Kuklinski, general partner at Spark Capital, added, “Cover Genius’ technology platform, global presence and focus on digital claims initially caught our attention years ago. By tackling common insurance obstacles such as limited market coverage, lengthy claims processes and a lack of product diversity, the company has evolved into a category leader.”
Cover Genius raised Series D funding of $70 million in late 2022 following a similar sized Series C round in 2021.