Cover Genius closes $80 million in Series E funding round led by Twitter and Slack backer Spark Capital

Cover Genius, an InsurTech focused on embedded protection, has announced a $80 million Series E funding round.

This was led by Spark Capital, known for its successful bets on Twitter, Coinbase, Slack, with support from existing investors, including Dawn Capital, King River Capital and G Squared.

Cover Genius has raised $245 million in total to date.

“The display of trust from our investors highlights the resilience of our embedded business model and potential for growth, particularly as we strategically focus on key markets like travel, retail, ticketing, and logistics,” says Angus McDonald, CEO and Co-founder at Cover Genius.

“Our collaborations with well known brands, including Uber, Ryanair and eBay, demonstrate our unique ability to create customer centric protection solutions backed by technology, policy innovation, and industry expertise.”  

“Cover Genius’ technology platform, global presence and focus on digital claims initially caught our attention years ago,” says James Kuklinski, General Partner at Spark Capital.

“By tackling common insurance obstacles such as limited market coverage, lengthy claims processes, and a lack of product diversity, the company has evolved into a category leader.”

“We couldn’t be more excited to partner with the company as they continue driving more value to partners and a best-in-class consumer experience.” 

The fresh capital will allow Cover Genius to expedite its growth plans and continue to invest in technology, including improved digital insurance distribution solutions, deploying artificial intelligence claims handling and expanding the protection solutions available on the platform.

This will support new and existing partnerships, driving the creation of solutions that offer innovative ways for digital companies to distribute protection products, such as Cancel For Any Reason (CFAR), and Delay Valet (payment for travel inconveniences), Protection Pocket.