Series E Funding Round of $80m Secured by Cover Genius, Spearheaded by Twitter and Slack Investor Spark Capital — Retail Technology Innovation Hub

• Cover Genius secures $80 million in Series E funding round led by Spark Capital, known for backing Twitter and Slack.
• The company has raised a total of $245 million to date, with support from existing investors like Dawn Capital and King River Capital.
• Cover Genius focuses on embedded protection and plans to target key markets such as travel, retail, ticketing, and logistics.
• The funding will be used to accelerate growth, invest in technology like AI claims handling, and expand protection solutions.
• Partnerships with brands like Uber, Ryanair, and eBay showcase the company’s ability to provide customer-centric protection solutions.

Cover Genius Secures $80 Million in Series E Funding

Cover Genius, a prominent InsurTech company specializing in embedded protection, recently made headlines by closing an impressive $80 million Series E funding round. This significant milestone was spearheaded by Spark Capital, a well-known venture capital firm recognized for its successful investments in companies such as Twitter, Coinbase, and Slack. The round also saw continued support from existing investors like Dawn Capital, King River Capital, and G Squared, bringing Cover Genius’s total funding to a substantial $245 million.

Building Trust and Driving Growth in Key Markets

Angus McDonald, the CEO and Co-founder of Cover Genius, expressed gratitude for the vote of confidence from investors, emphasizing the resilience of their embedded business model and the vast potential for growth ahead. McDonald highlighted the strategic focus on key markets such as travel, retail, ticketing, and logistics as pivotal to the company’s expansion. He underscored Cover Genius’s successful collaborations with renowned brands like Uber, Ryanair, and eBay, showcasing their unique ability to deliver customer-centric protection solutions backed by cutting-edge technology, policy innovation, and deep industry expertise.

Recognition and Support from Industry Leaders

James Kuklinski, General Partner at Spark Capital, commended Cover Genius’s innovative technology platform, global reach, and digital claims processing capabilities, which initially captured their attention years ago. Kuklinski noted that by addressing common insurance challenges such as limited market coverage, complex claims procedures, and product diversity issues, Cover Genius has emerged as a trailblazer in the industry. Spark Capital expressed excitement about partnering with Cover Genius to enhance partner value and deliver a superior consumer experience through their innovative solutions.

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Fueling Innovation and Expansion through Fresh Capital

The infusion of fresh capital from the Series E funding round positions Cover Genius to accelerate its growth trajectory and make strategic investments in technology. The company plans to enhance its digital insurance distribution solutions, implement advanced artificial intelligence for claims processing, and expand the array of protection products available on its platform. This renewed focus on technological advancements will support both new and existing partnerships, enabling the development of groundbreaking solutions that empower digital companies to offer innovative protection products like Cancel For Any Reason (CFAR), Delay Valet (protection for travel disruptions), and Protection Pocket.

Cover Genius’s successful Series E funding round not only underscores the confidence of investors in the company’s vision and capabilities but also paves the way for exciting advancements in the InsurTech sector. With a strong emphasis on technology-driven solutions, strategic market expansion, and fostering valuable partnerships, Cover Genius is well-positioned to lead the charge in revolutionizing the insurance landscape and delivering unparalleled value to both partners and consumers alike.