InsurTech venture Cover Genius lands £54m in Series C round

Cover Genius, an Australian embedded insurance startup that works with the likes of Booking,com and eBay, has secured £54 million in a Series C funding round led by Sompo Holdings Asia.

The cash will be used to expand its global insurance distribution platform and support new e-commerce, property, travel, mobility, auto, B2B and financial services partners.

“With 70% of customers wanting embedded insurance integrated into their online experiences, our XCover distribution platform is helping some of the world’s largest global companies exceed their customer expectations of what insurance can be with a single API call,” says Angus McDonald, CEO and Co-founder, Cover Genius.

“Our technology, licensed in more than 60 countries and all 50 US states, gives our partners the ability to protect their customers, regardless of location, currency or language. This strategic investment will help us expand our capabilities into markets equipped for new lines of distribution.”

“Given that Cover Genius has been awarded as the number one fastest growing global InsurTech, according to the Financial Times, we are excited to partner with a frontrunner in the space whose technology is uniquely positioned for a global, platform-based economy,” comments Daniel Neo, CEO at Sompo Asia.

“The company’s disruptive approach to insurance benefits both customers, who receive a seamless digital experience, and partners that can provide customers global, expandable insurance offerings with dynamic pricing and product recommendations.”