According to a corporate statement, Insurtech Cover Genius has raised a $80 million Series E funding round. Spark Capital led the round, which was supported by existing investors Dawn Capital, King River Capital, and G Squared.
Cover Genius said that it has experienced 107% year-over-year growth and 145% Net Revenue Retention while partnering with some of the world’s largest digital businesses and serving more than 30 million customers worldwide.
Angus McDonald, CEO and co-founder of Cover Genius, said the funding highlighted the strength of their embedded model and potential for growth.
“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, said the Cover Genius tech cauth their attention years ago as they are tackling common insurance problems like lengthy claims processes and limited market coverage.
The additional funding is expected to boost the firm’s tech stack, including the deployment of AI for claims handling. The firm will also expand product offerings. Novel solutions, such as Cancel For Any Reason (CFAR), Delay Valet (payment for travel inconveniences), Protection Pocket, and other types of protection, are also in the queue.
