Other participants included existing investors GSquared and King River Capital, as well as a new investor – New York-based firm Atlas Merchant Capital.
The funds will be used to aid Cover Genius’ plans for rapid growth, and the expansion of its XCover global insurance distribution platform.
Cover Genius stated that the ‘oversubscribed’ round represents a ‘significant valuation uplift’ from their Series C funding round in 2021. Since this previous round, the company said they had experienced ‘significant growth’, reaching ‘$1.1 million in daily gross written premium (GWP), nearly tripling its year-on-year revenue, and doubling its partnership base’.
“We’ve always been strategic about our approach to fundraising, and closing our highest-ever funding round in a challenging environment for raising capital reinforces the strength of our embedded business model,” said Angus McDonald, CEO and Co-Founder of Cover Genius.
Dan Chaplin, Principal at Dawn Capital said: “Embedded insurance is a rapidly growing segment of the market, and Cover Genius has built a leading platform that is globally enabled, multi-line and end-to-end. We’re excited to support Cover Genius as it continues to reshape the insurance industry and enable easy protection for consumers and businesses.”