Cover Genius reaches A$1-billion valuation

insurtech

Australian insurtech startup Cover Genius has boosted its current market valuation to A$1 billion, after a successful round of fundraising

The latest fundraising effort from Cover Genius has garnered supported from the likes of Sompo Holdings Inc and G Squared, and raised $100 million. Angus McDonald, Co-Founder and CEO of Cover Genius, explained that the proceeds would be used to expand in new markets, including the US, by the end of 2021, and to employ a further 400 staff members.

Cover Genius, founded in 2014 in Sydney by McDonald, 44, and his university friend Chris Bayley, 45, started out selling travel insurance before expanding into property, shipping and e-commerce warranties through its growing network of partners. Bayley previously worked as a business development manager for Google Inc. in Australia, while McDonald was an executive at Yahoo! Inc.