Insurtech specialising in embedded protection Cover Genius has revealed the closure of its USD 80 million Series E funding round. Spark Capital led the round with contributions from existing backers such as Dawn Capital, King River Capital, and G Squared.

This funding round follows a successful year marked by substantial growth and global expansion for Cover Genius and its distribution platform, XCover. In the company press release, officials from Cover Genius brought up the investors' confidence in their embedded business model and growth prospects, particularly as they concentrate on pivotal markets such as travel, retail, ticketing, and logistics. Furthermore, partnerships with brands such as Uber, Ryanair, and eBay underscore Cover Genius' capability to develop customer-centric protection solutions supported by technology, policy innovation, and industry expertise.

Spark Capital, known for its collaboration with companies such as Twitter, Coinbase, and Slack, led the Series E round, while existing investors Dawn Capital, King River Capital, and G Squared reaffirmed their support for Cover Genius. Representatives from Spark Capital talked about Cover Genius' technology platform, global footprint, and digital claims focus, as well as the company's efforts to address common insurance challenges. The investment firm expressed enthusiasm for partnering with Cover Genius to enhance value for partners and ensure a better consumer experience.

How will the money be used? The fresh infusion of capital will help Cover Genius accelerate its growth trajectory and invest in new technologies, including better digital insurance distribution solutions and AI-driven claims handling. Expansion of protection solutions on the platform will support both new and existing partnerships, supporting the development of protection products designed specifically for digital companies. Leveraging AI and data-driven insights, the Cover Genius platform aims to help partners offer a diverse range of insurance and protection solutions across various market segments.

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