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

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, 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 Booking.com, 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.