Australian insurtech company Cover Genius has raised $10m in a Series B funding round. The funds will be used to support the company’s investment and further expansion across the UK, the US and Asia.
Sydney and California based venture firm King River Capital led the round and included participation from London-based investment professional Jasper Tans, the New York-based Belfer Family, the Australian-based pre-IPO fund, Regal Funds Management and Marinya Capital.
Founded in 2014, Cover Genius’ insurance distribution technology provides regulated insurance policies that integrate into online point of sale paths in more than 60 countries and 50 US states. The company also pays approved claims via its instant payments platform in more than 90 currencies.
This latest funding round is followed by small Seed and Series A funding rounds.
Cover Genius CEO and co-founder Angus McDonald said: “The insurance industry has been held back by legacy systems and a lack of global coordination 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.
“Customer needs have evolved and today they want protection for a variety of items like sports equipment, pets, electronics, contracting work, jewellery, flight tickets, and cars. We are evolving the insurance experience to cover all of the things they care about and purchase online.”
King River Capital partner Chris Barter said: “Their extraordinary growth over the past few years is no surprise when you look at the many friction points for customers that they have resolved and the opportunities they provide for partners to offer protection to all their worldwide customers and increase customer loyalty. We are pleased to support their ongoing growth and continued international expansion.”
McDonald continued: “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