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Cover Genius secures A$100mn in Series C funding round

US Currency: Wads of US bills fastened with rubber bands, close-up

InsurTech Cover Genius has secured A$100mn ($72.5mn) through a Series C funding round led by Sompo Asia, which invested around A$68mn.

The round also attracted participations from G Squared, as well as other existing investors in the company.

Cover Genius’s latest funding round comes after the business tripled its gross written premium (GWP) in the past six months as it signed on 20 new partners.

The funding will be used to expand Cover Genius’s global insurance distribution platform and support e-commerce, property, travel, mobility, auto, B2B and financial services partners.

In October last year, Cover Genius raised A$15mn including equity financing led by King River Capital and debt funding from Leap Capital.

Cover Genius CEO and co-founder Angus McDonald said: “With 70% of customers wanting embedded insurance integrated into their online experiences, our XCover distribution platform is helping some of the world’s largest global companies exceed their customer expectations of what insurance can be with a single API call.

“Our technology, licensed in more than 60 countries and all 50 US states, gives our partners the ability to protect their customers, regardless of location, currency or language. This strategic investment will help us expand our capabilities into markets equipped for new lines of distribution.”

Daniel Neo, CEO of Sompo Asia, said: “Given that Cover Genius has been awarded as the number one fastest-growing global InsurTech, according to the Financial Times, we are excited to partner with a frontrunner in the space whose technology is uniquely positioned for a global, platform-based economy.

“The company’s disruptive approach to insurance benefits both customers, who receive a seamless digital experience, and partners that can provide customers global, expandable insurance offerings with dynamic pricing and product recommendations.”

Cover Genius provides end-to-end embedded insurance to the customers of digital companies including Booking Holdings, eBay, Wayfair and Intuit.

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