Cover Genius bags further funding for InsurTech offering
Cover Genius, an Australian InsurTech venture that works with the likes of Booking Holdings, National Express and eBay, has raised A$15 million as it looks to expand its product suite and partner network globally.
This was led by King River Capital and supplemented by a loan from Leap Capital. It builds on a Series B $10 million funding round that closed in November 2019.
Cover Genius has also announced the launch of its product and parcel insurance products on Shopee Thailand. Within the last month, it has integrated commercial, shipping and product insurance for six global e-commerce platforms, including Tile and Wayfair.
CEO and Co-Founder, Angus McDonald, says: “Customers want to protect their purchases, big or small, and given the option many will take insurance cover at the Point of Sale from their favourite online brands.”
“The confidence this gives customers is driving an increase in purchase volume with 32% of customers happy to buy and spend more if offered insurance. Our partners are certainly ahead of the curve and can see the value of insurance not only to their customers, but also their business.”
Chris Barter, Partner at King River Capital, comments: “It’s no surprise that many businesses are looking at partnerships and integrations that can help grow their business in these challenging times.”
“Cover Genius has a long history of actively contributing to the growth and prosperity of some of the world’s biggest ecommerce brands and we are excited to see them expand so quickly into new territories and verticals.”
