Cover Genius, a specialist in insurtech, recently completed a successful Series E funding round, raising $80 million. Based in New York and established in 2014, the company has experienced tremendous growth with a 107% year-over-year increase in 2023. Spark Capital led the investment round, with existing investors like Dawn Capital, King River Capital, and G Squared also participating.
With this newfound funding, Cover Genius plans to allocate resources towards further growth and technology investments. This includes enhancing their digital insurance distribution solutions, implementing artificial intelligence claims handling, and expanding their range of protection solutions available on their platform. The company aims to develop unique solutions that offer innovative ways for digital companies to distribute protection products such as cancel for any reason, delay valet, protection pocket, and more.
Angus McDonald, co-founder and CEO of Cover Genius expressed his gratitude towards investors and emphasized the importance of strategic focus on key markets like travel, retail, ticketing, and logistics. The company’s collaborations with well-known brands like Uber, Ryanair, and eBay demonstrate their ability to create customer-centric protection solutions backed by technology, policy innovation, and industry expertise.
James Kuklinski from Spark Capital praised Cover Genius for its technological platform and global presence. He noted that the company addresses common insurance challenges such as limited market coverage, lengthy claims processes and lack of product diversity which positions them as a leader in their category. Cover Genius previously raised $70 million in Series D funding in late 2022 after a similarly sized Series C round in 2021.
