Cover Genius has raised $72.69m (A$100m) in a Series C funding round to support expansion of its embedded insurance platform.
The round was led by Sompo Holdings with participation from G Squared and other returning investors.
The firm intends to use the proceeds to expand its international insurance distribution platform and support its partners in e-commerce, property, travel, mobility, auto, B2B and financial services.
Established in 2014, Cover Genius leverages technology to offer end-to-end embedded insurance to customers of digital firms.
Sompo Asia CEO Daniel Neo said: “The company’s disruptive approach to insurance benefits both customers, who receive a seamless digital experience, and partners that can provide customers global, expandable insurance offerings with dynamic pricing and product recommendations.”
Cover Genius counts Booking Holdings, eBay, Wayfair, Intuit, and Shopee among others as its clients.
It claims to have tripled its gross written premium in the past six months by signing 20 new partners from various industries.
Cover Genius’s technology is licensed in more than 60 countries and all 50 US states.
G Squared founder & managing partner Larry Aschebrook said: “We view the unique underwriting customization as a key differentiator and are delighted to support Cover Genius in this exciting next chapter.”
Cover Genius CEO and co-founder Angus McDonald said: “With 70% of customers wanting embedded insurance integrated into their online experiences, our XCover distribution platform is helping some of the world’s largest global companies exceed their customer expectations of what insurance can be with a single API call.”
Last year, Cover Genius raised $11.32m from King River Capital and Leap Capital.