Cover Genius, an insurtech that offers an insurance sales and payments tools to online retail, travel, property, shipping and other companies in multiple languages and countries, has raised $10 million in new financing.
King River Capital, a Sydney and California-based venture capital firm, led the round. The New York-based Belfer Family, London-based Jasper Tans, the Australian-based pre-IPO fund Regal Funds Management and Marinya Capital also participated.
Cover Genius launched in 2014 with a platform for companies that are interested in offering insurance to their customers as a part of their online purchasing experience. It started offering its program to mobility, retail, travel and shared-economy firms in Europe. Since then it has expanded the platform to landlords, lenders, logistics and other online businesses.
In 2018, it launched XClaim, an instant payments tool that enables customers to receive real time bank transfers, store credits, virtual prepaid cards, credit card top-ups and e-wallet payments in 90 currencies.
The company also creates tailored insurance products for the customers of its partners. The firm says it sells in more than 60 countries including the United States. Among its customers are Booking Holdings, Magento and Shopify. Founders Angus McDonald and Chris Bayley said the Series B financing will help fuel hiring plans and continued growth across the U.S., the U.K. and into Asia.
McDonald, who is also CEO, claims the company is “evolving the insurance experience to cover all of the things [customers] care about and purchase online.” This latest funding round follows small seed and Series A funding rounds.
Cover Genius has offices in London, New York, Sydney and Tokyo.
Source: Cover Genius