Insurtech Cover Genius has raised $70 million in a Series D round led by Dawn Capital. New investors Atlas Merchant Capital joined with existing investors GSquared and King River Capital to fund the round. The round was said to be oversubscribed and came at a “significant valuation uplift” in comparison to its Series C. The company did not provide a valuation.
Cover Genius provides embedded insurance the backing came due to its “rapid business growth” of its Xcover platform.
Cover Genius said it had topped $1.1 million in daily Gross Written Premium (GWP), almost 3X its year-over-year revenue, and doubled its partnership base.
The company added that it has expanded its global capabilities by investing in India’s ensuredIT and by acquiring Booking Protect – which works with companies like SeatGeek.
Angus McDonald, CEO and co-founder of Cover Genius, noted they closed the round in a challenging environment:
“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’ services are available across various industry verticals including travel, rentals, financial services, real estate and more.
Its customers include Priceline, Kayak and Booking.com, Intuit, Hopper, Skyscanner, Ryanair, Zip and many others. The platform is licensed or authorized in more than 60 countries and all 50 US states.
Dan Chaplin, Principal at Dawn Capital, said Cover Genius is rethinking insurance distribution to provide the service at the point of need. He added they are excited to support the company as it “continues to reshape the insurance industry and enable easy protection for consumers and businesses.”