Cover Genius, an Australian insurtech firm and embedded insurance specialist, announced that it has secured a strategic investment of US$50 million during a Series C funding round led by Sompo Holdings Asia.
The round comprised primary and secondary capital, and was supported by G Squared, as well as Cover Genius’ early backers, King River Capital, Marinya Capital and Regal Funds Management.
The insurtech said that it will use the funds to bolster its global expansion and further its digital distribution channel in the embedded insurance market.
This will enable the company to offer tailored solutions to its customers by leveraging XCover, Cover Genius’ global insurance and warranty distribution platform.
Additionally, lead investor Sompo will also be combining its underwriting capabilities with Cover Genius’ licensing and technology. The partnership will kick off in Sompo Group’s 14 markets across Asia before expanding to its global network.
Cover Genius has licenses in all 50 US states and in more than 60 countries to co-create solutions that embed protection with its partners.
“We are eager to collaborate with a global partner, like the Sompo Group, that believes in the power of embedded insurance and its ability to offer new lines of protection to customers around the world.
This funding will enable us to scale our current offerings and continue our rapid growth as we enter into new markets with innovative solutions for embedded protection.”
said Angus McDonald, CEO and Co-founder of Cover Genius.
Featured image: Founders of Cover Genius