Led by King River Capital, a Sydney- and California-based venture capital firm, the funding will support Cover Genius’ investment in talent and continued global growth across the UK, the US and Asia. The funding round also includes participation by London-based Jasper Tans, New York-based Belfer Family, Australian-based Regal Funds Management and Marinya Capital.
Speaking on the announcement, Cover Genius CEO and Co-Founder Angus McDonald said: “The insurance industry has been held back by legacy systems and a lack of global co-ordination and customer-centricity for decades. We sought to change that and create simple, yet useful, policies, streamline the claims process and enable the world’s largest online companies to protect their global customers.”
Cover Genius currently provides regulated insurance policies – which integrate into online point-of-sale and signup path – in more than 60 countries and 50 US states and pays approved claims via its instant payments platform in more than 90 currencies.
“Early on we bootstrapped the company and since then have built a highly profitable global insurtech business in just over five years. This latest round of funding will help us build out our European and Asian operations, bi-coastal US presence, and expand in half a dozen new countries in line with the needs of our global partners and customers,” added McDonald.