According to InsurTech Insights, Cover Genius will be able to expand the range of protection solutions offered on the platform, expedite its growth initiatives, improve its digital insurance distribution solutions, and apply artificial intelligence (AI) for claims processing with the help of the recently acquired funds.

Over the last year, Cover Genius has shown remarkable development and expansion in spite of obstacles in the investing landscape.

In 2023, the firm maintained a strong 145% Net Revenue Retention rate in addition to achieving an amazing 107% year-over-year revenue increase.

Additionally, it has given embedded protection to more than 30 million clients globally, solidifying its leadership in the InsurTech sector.

The company's momentum will be further enhanced by the Series E fundraising round, which will allow it to keep developing and broadening its market share in the quickly changing digital insurance market.

"Cover Genius' technology platform, global presence, and focus on digital claims initially caught our attention years ago," said James Kuklinski, General Partner at Spark Capital. By solving traditional insurance difficulties such as restricted market coverage, lengthy claims procedures, and a lack of product diversity, the firm has grown into a category leader. We are thrilled to be working with the firm as they strive to provide partners with greater value and the greatest possible customer experience.

"The display of trust from our investors highlights the resilience of our embedded business model and potential for growth," said Cover Genius CEO and co-founder Angus McDonald. "This is especially true as we strategically focus on key markets like travel, retail, ticketing, and logistics." Our partnerships with well-known companies like Uber, Ryanair, and eBay show off our exceptional capacity to develop customer-focused protection solutions supported by cutting-edge technology, creative policy, and sector knowledge.