Insurtech Cover Genius nabs $80m fresh capital from Twitter/Slack early investor
Embedded insurtech has secured $80 million in fresh capital from a Boston VC who formerly invested in then tech startups Twitter and Slack, to accelerate its global growth plans.
Cover Genius will use the funding to up its investment in digital insurance distribution solutions, deploying artificial intelligence (AI) claims handling and expanding the protection solutions on its platform.
The Series E funding was led by Spark Capital, with participation from Dawn Capital, King River Capital and G Squared. Other companies Spark has invested in include Twitter during its early stages, Coinbase and Slack.
The company claimed that in 2023 it achieved a 107% year-on-year growth and maintained a 145% net revenue retention by partnering with key digital businesses on embedded protection.
Angus McDonald, chief executive officer and co-founder of Cover Genius, said: “The display of trust from our investors highlights the resilience of our embedded business model and potential for growth, particularly as we strategically focus on key markets like travel, retail, ticketing, and logistics.
“Our collaborations with well-known brands, including Uber, Ryanair, and eBay, demonstrate our unique ability to create customer-centric protection solutions backed by technology, policy innovation, and industry expertise.”
James Kuklinski, general partner at Spark Capital, said: “Cover Genius’ technology platform, global presence and focus on digital claims initially caught our attention years ago.
“By tackling common insurance obstacles such as limited market coverage, lengthy claims processes, and a lack of product diversity, the company has evolved into a category leader. We couldn’t be more excited to partner with the company as they continue driving more value to partners and a best-in-class consumer experience.”
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