Insurtech startup Cover Genius raises $70 million in Series D funding round
- ByStartupStory | November 1, 2022
Cover Genius, an insurtech platform for embedded insurance, has raised $70 million In its Series D fundraising round. Dawn Capital served as the round’s lead investor, and existing investors GSquared and King River Capital joined as well as new investor, New York-based Atlas Merchant Capital.
According to the company, the fundraising would help with the XCover global insurance distribution platform’s expansion and the company’s quick commercial growth. The range of sectors served by Cover Genius includes retail, financial services, travel and rental agencies, airlines, and more. According to the company, it has doubled its partnership base and reached $1.1 million in daily Gross Written Premium (GWP), nearly tripling its revenue year over year. New logos include the buy-now, pay-later player Zip, the American travel apps Hopper, Ryanair, and Turkish Airlines, as well as the Indian gig economy platforms Ola and Betterplace.
Dan Chaplin, Principal at Dawn Capital, stated, “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. We’re excited to support Cover Genius as it continues to reshape the insurance industry and enable easy protection for consumers and businesses.”
Follow Startup Story
Related Posts
