This week, our client Cover Genius, the global insurtech for embedded insurance that has been recognized as the #1 fastest growing company in the Asian Pacific for 2020 by the Financial Times, announced the successful completion of its AUD 100M Series C. raise.
Cover Genius is leading the way in embedded insurance solutions, enabling international digital companies, such as Booking Holdings, Skyscanner, and eBay, to offer tailored insurance to customers via XCover, its global distribution platform that enables companies to embed and offer any line of insurance or warranty product with a single API call.
We’re excited to see how Cover Genius uses this latest fundraise to expand its reach to new jurisdictions (beyond the 60+ countries and 5o US States that it already operates in) and launch more innovative, first to market products that ensure customers get the cover they need as part of their online shopping experience.
Oliver Woodhouse, Associate in Capital’s Financial Services & Insurance team, said:
“We’ve worked with Cover Genius in the UK and Europe since 2018, helping the Group prepare for Brexit, establish European regulated entities and launch new products and partnerships in multiple countries. The fundraise is great recognition of Cover Genius’ status as a leading global InsurTech.”
Graeme Dean, VP Global Insurance Solutions at Cover Genius, said:
“This raise marks a significant milestone for Cover Genius. As the InsurTech for embedded insurance, we are eager to grow our team and capabilities to continue in our mission to protect the customers of the world’s largest digital companies with a single API. We couldn’t do it without our network of partners and investors, and are thankful for the continued support.”
Well done to all the team at Cover Genius!