Cover Genius Raises AUD$100M in Series C Funding

Cover Genius, an Australian insurtech for embedded insurance, secured $100M AUD in a Series C funding round.

The round was led by Sompo Holdings (Asia) Pte. Ltd., who invested ~$68M AUD, with participation from G Squared and other existing investors.

The company intends to use the funds to expand its global insurance distribution platform and support new e-commerce, property, travel, mobility, auto, B2B and financial services partners.

Founded in 2014 and led by Angus McDonald, CEO, Cover Genius is a global insurtech specializing in providing end-to-end embedded insurance to the customers of the world’s largest digital companies, including Booking Holdings, eBay, Wayfair, Intuit, and other global leaders, such as SE Asia’s largest company, Shopee. With its end-to-end technology, the company is able to offer global capabilities to multiple industries, including property insurance for renters, landlords, homeowners and corporates, fintech and bank insurance programmes, solutions for retailers, gig contractors, logistics platforms, cyber security companies and online travel agencies, rental car aggregator and airlines.

Cover Genius’ technologies include XCover, its global distribution platform that delivers customizable, personalised insurance and warranty products in any country, language and currency, and XClaim, an API for real-time payment of approved claims. With XClaim, instant claim payments can be handled in more than 90 currencies and through a range of payment methods, including bank transfer, store credit, card top-up, and digital wallets.

Cover Genius and partners co-create solutions that embed protection, aided by Cover Genius’ licenses in 60+ countries & all 50 US States.