Cover Genius secures $80M for expansion and tech advancements.

May 26, 2024
1 min read

TLDR:

  • Cover Genius has raised $80 million in a Series E funding round led by Spark Capital.
  • The funds will be used for further growth and technology investment, including improved digital insurance distribution solutions and artificial intelligence claims handling.

Key Elements of the Article:

Insurtech specialist Cover Genius raised $80 million in a Series E funding round, with Spark Capital leading the investment alongside existing investors Dawn Capital, King River Capital, and G Squared. The company achieved 107% year-over-year growth in 2023 and plans to use the funds for further growth and technology investment.

Cover Genius will focus on improving digital insurance distribution solutions, deploying artificial intelligence claims handling, and expanding protection solutions on their platform. This will allow them to offer innovative protection products such as cancel for any reason, delay valet, and more.

Angus McDonald, co-founder and CEO of Cover Genius, emphasized the company’s strategic focus on key markets like travel, retail, ticketing, and logistics. He highlighted collaborations with brands like Uber, Ryanair, and eBay, demonstrating their ability to create customer-centric protection solutions backed by technology and industry expertise.

James Kuklinski, general partner at Spark Capital, praised Cover Genius for tackling common insurance obstacles and evolving into a category leader. The company had previously raised $70 million in Series D funding in late 2022 and a similar-sized Series C round in 2021.

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