Cover Genius, the global insurtech whose insurance distribution platform provides protection for the customers of some of the world’s largest online companies, has raised US$10 million in a Series B funding round. The funds will support the company’s investment in talent and its continued global growth across the UK, the US and into Asia.
The round was led by King River Capital, the Sydney & California based venture capital firm and includes participation by London-based, investment professional Jasper Tans, the New York-based Belfer Family, the Australian-based pre-IPO fund, Regal Funds Management, and Marinya Capital.
The company’s insurance distribution technology provides regulated insurance policies that integrate seamlessly into online point of sale and signup paths, in more than 60 countries and 50 U.S states. Cover Genius pays approved claims via its instant payments platform in more than 90 currencies. Since 2014, the company, founded by Angus McDonald and Chris Bayley, has enabled millions of customers worldwide to purchase insurance from their favourite online brands, such as Booking Holdings.
Speaking on the announcement, Cover Genius CEO and Co-Founder, Angus McDonald said,
“The insurance industry has been held back by legacy systems and a lack of global coordination and customer-centricity for decades. We sought to change that and create simple, yet useful, policies, streamline the claims process and enable the world’s largest online companies to protect their global customers.”
“Customer needs have evolved and today they want protection for a variety of items like sports equipment, pets, electronics, contracting work, jewellery, flight tickets, and cars. We are evolving the insurance experience to cover all of the things they care about and purchase online,” he said.
“The insurance industry has been held back by legacy systems and a lack of global coordination and customer-centricity for decades.”
Chris Barter, Partner at King River Capital said that Cover Genius had tapped into the growing need for more customer-centric insurance solutions on a global scale. “Their extraordinary growth over the past few years is no surprise when you look at the many friction points for customers that they have resolved and the opportunities they provide for partners to offer protection to all their worldwide customers and increase customer loyalty. We are pleased to support their ongoing growth and continued international expansion.”
This latest funding round follows small Seed and Series A funding rounds. The business has largely been bootstrapped and profitable since its founding in 2014.
“Early on we bootstrapped the company and since then have built a highly profitable global insurtech business in just over five years. This latest round of funding will help us build out our European and Asian operations, bi-coastal US presence, and expand in half a dozen new countries in line with the needs of our global partners and customers,” said McDonald.