By: 3 November 2022

Since its series C round in 2021, Cover Genius has reached $1.1m in daily gross written premium, almost tripled its year-over-year revenue and reached 10.5m customers

Cover Genius raises $70m in series D round to boost expansion

Cover Genius, an insurtech platform, has raised $70m in series D funding led by Dawn Capital. 

The investment will be used to further expand its embedded business model and grow its global insurance distribution platform, XCover. 

Since its series C round in 2021, the company has reached $1.1m in daily gross written premium, almost tripled its year-over-year revenue and reached 10.5m customers.  

Participants in the series D funding round include New York-based Atlas Merchant Capital, as a new investor, alongside existing investors GSquared and King River Capital, two venture capital firms. 

Commenting on the funding round, Angus McDonald, chief executive officer and co-founder of Cover Genius, said: “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.” 

The New York-headquartered insurtech offers embedded insurance protection across multiple industries, including airlines, travel and rental companies, and retail.  

Partners include Bookings Holdings, owner of Priceline, Kayak and, as well as Hopper, a North American travel app, and Skyscanner.  

This year, Cover Genius expanded its global reach by investing in India-based insurtech ensuredIT.  

Dan Chaplin, principal at UK-based software investment specialist Dawn Capital, commented: “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.” 

Earlier this year Cover Genius acquired Booking Protect, a specialist in embedded ticket protection for ticket sellers, platforms and live event companies. 

Its platform is licensed in more than 60 countries and all 50 US states.  

Image: Cover Genius

Josh Poyser
Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.