Embedded protection insurtech Cover Genius has closed its $80m Series E funding round.

The funding round for Cover Genius was led by Spark Capital with aid from existing investors Dawn Capital, King River Capital, and G Squared.

In addition, the funding follows a strong year for the insurtech as it achieved 107% year-on-year growth in 2023. It also recorded 145% net revenue retention by partnering with large digital businesses.

Furthermore, Cover Genius plans to use the funding to speed up its growth plans and continue to invest in technology, including distribution solutions and AI claims handling. This should support new and existing partnerships, driving distinct solutions that offer innovative ways for digital companies to distribute protection products.

“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,” said Angus McDonald, CEO and co-founder of Cover Genius.

“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.”

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cover genius funding
Angus McDonald, CEO and co-founder of Cover Genius.

“Cover Genius’ technology platform, global presence and focus on digital claims initially caught our attention years ago,” said James Kuklinski, general partner at Spark Capital. “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.”

Earlier in the year, Cover Genius partnered with Spanish airline Vueling for an exclusive travel protection agreement.

The partnership between Cover Genius and Vueling utilises the insurtech’s existing technology to aid the Spanish low-cost carrier and cater to travellers’ needs.