InsurTech Cover Genius raises £8.3m

Cover Genius has raised £8.3 million in funding to fuel its expansion.

The insurance distribution platform provides protection for customers of some of the world’s largest online companies, including eBay, Booking Holdings and National Express.

The latest investment comes after a $10 million Series B funding round closed in November 2019.

This most recent round was led by King River Capital, supplemented by a loan from Leap Capital, and is aimed at supporting integrations with some of the biggest names in technology and e-commerce across South East Asia, India, the United States and Europe.

Alongside the new funding, Cover Genius announced it is planning to integrate commercial, shipping and product insurance for ecommerce platforms such as Wayfair and Tile. It has also launched a product and parcel insurance proposition with Shopee Thailand.

The company said it would use the money to further support its growing presence in the UK, US and Asia, and the ongoing development of high volumes of strategic partnership deals across a range of insurance lines, verticals and geographies.

The addressable market for insurance products embedded into points of sale or signup is significant and has accelerated with the outbreak of COVID 19, read a statement.

Angus McDonald, chief executive and co-founder of Cover Genius, said the latest funding round, backed by the company’s existing shareholder group, showed continued
investor support for its international expansion plans. “Customers want to protect their purchases, big or small, and given the option many will take insurance cover at the point of sale from their favourite online brands.

“The confidence this gives customers is driving an increase in purchase volume with 32 per cent of customers happy to buy and spend more if offered insurance.”

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