Cover Genius bags $70m in funding to expand embedded insurance solution

Cover Genius, which specialises in embedded insurance, has raised $70 million in Series D funding in a round led by Dawn Capital, with participation from new investor, Atlas Merchant Capital, and existing backers including GSquared and King River Capital.

The raise will assist in the InsurTech’s growth and expansion of its insurance distribution platform, XCover.

It builds on a £54 million Series C round from last year.

The company has secured $165 million in total funding to date.

“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,” says Angus McDonald, CEO and Co-founder, Cover Genius.

“Customers are dissatisfied with traditional insurers who went missing during the pandemic and consistently deliver low post-claim Net Promoter Scores (NPS) scores.”

“Our tech forward solution focuses on a seamless and transparent customer journey and, in contrast to traditional insurers, delivers a post-claim NPS of +65‡.” 

Cover Genius offers embedded protection to multiple industries including airlines, retail, financial services, and real estate.

“Cover Genius is rethinking insurance distribution with a tech forward platform that enables partners and end-customers to provide and access protection at the point of need,” says Dan Chaplin, Principal at Dawn Capital. 

“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.”

“They’re working with some of the world’s largest platforms in multiple industries, and have combined exponential growth this year with an exceptionally strong business model.”

“We’re excited to support Cover Genius as it continues to reshape the insurance industry and enable easy protection for consumers and businesses.”