Cover Genius raises $70M in Series D funding

Cover Genius, which provides insurtech solutions to companies including Booking Holdings, Hopper, Skyscanner and Ryanair, has raised $70 million in Series D funding.

The round was led by Dawn Capital, with participation from new investor New York-based Atlas Merchant Capital and existing investors including GSquared and King River Capital. 

Cover Genius says the funding, an oversubscribed round, “represents a significant valuation uplift” from its Series C in 2021.

Since then the company says it has reached $1.1 million in daily gross written premium and nearly tripled its year-over-year revenue.

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

“Customers are dissatisfied with traditional insurers who went missing during the pandemic and consistently deliver low post-claim Net Promoter Scores (NPS) scores. Our tech-forward solution focuses on a seamless and transparent customer journey and, in contrast to traditional insurers, delivers a post-claim NPS of +65‡.”

Cover Genius offers embedded insurance products to a variety of verticals, including airlines and online travel agencies as well as retail, financial services, real estate and more. 

The platform is licensed or authorized in more than 60 countries and all 50 U.S. states. 

“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,” says Dan Chaplin, principal at Dawn Capital. 

“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. We’re excited to support Cover Genius as it continues to reshape the insurance industry and enable easy protection for consumers and businesses.”