Cover Genius Closes $80M in Series E Funding as Investors See $700 Billion Opportunity in Embedded Protection
Summary
In 2023, the company achieved a remarkable 107% year-on-year growth and maintained an impressive 145% Net Revenue Retention by partnering with some of the worlds largest digital businesses to provide embedded protection to over 30 million customers worldwide.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. 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. With a focus on customization, Cover Genius offers both bundled and standalone solutions, resulting in increased conversion rates and enhanced revenues for global businesses. Licensed or authorized in over 60 countries and all 50 US States, the insurtech enables partners to embed and sell multiple lines of insurance and other types of protection, resulting in an industry-leading post-claims Net Promoter Score (NPS) and more than 30 million happy customers.About Spark Capital Spark Capital invests in products we love by creators we admire, including Affirm, Anthropic, Cruise, Discord, Deel, Oculus, Plaid, Scale AI, Slack, and Twitter. We invest across all sectors and stages, and work out of San Francisco, Boston, and New York City.For media inquiries, please contact:Shelley PetriDirector of Global Communications, Cover Genius
Funding
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