Cover Genius, a leading insurtech specialist, has secured $80 million in a Series E funding round. Based in New York and founded in 2014, the company has achieved remarkable growth, reporting 107% year-over-year growth in 2023. The investment was led by Spark Capital, with existing investors such as Dawn Capital, King River Capital, and G Squared also participating. Cover Genius plans to use the funds for further growth and technology investment.
One of the company’s key goals is to develop unique solutions that provide innovative methods for digital companies to distribute protection products. Cover Genius offers an array of protection types, including cancel for any reason, delay valet, protection pocket, and others. Angus McDonald, co-founder and CEO of Cover Genius expressed his gratitude for the trust displayed by investors while highlighting the company’s resilience and growth potential. He emphasized a strategic focus on key markets such as travel, retail, ticketing, and logistics while emphasizing collaborations with well-known brands like Uber, Ryanair, and eBay.
James Kuklinski, general partner at Spark Capital praised Cover Genius’ technology platform and global presence while noting the company’s evolution into a category leader. In late 2022, Cover Genius had previously raised $70 million in Series D funding following a similar-sized Series C round in 2021. This latest round of funding will enable the company to continue its mission of providing innovative solutions that make insurance distribution easier and more accessible for digital companies.
