Capital raise led by Dawn Capital with strong participation from new and existing investors including Atlas Merchant Capital, GSquared and King River Capital

Insurtech sets a new record with $1.1 million in gross premiums written in a single day, nearly tripling year-over-year revenue and reaching 10.5 million customers

NEW YORK, Nov. 1, 2022 (GLOBE NEWSWIRE) — cover genius, the global embedded insurance insurtech, announced today that it has completed a Series D – Funding of USD 70 million has been raised capital. The increase will support the insurer’s rapid business growth and expansion of its award-winning global insurance distribution platform, XCover.

The oversubscribed round represents a significant valuation increase over Cover Genius’ Series C in 2021. Since then, the company has enjoyed a year of immense growth, generating €1.1M in revenue and doubling the partnership base with new logos, including America’s leading travel app Hopper, two of the world’s largest airlines Ryanair and Turkish Airlines, the market leader in Buy It Now Pay Later, Zip; and Indian gig economy platforms, Ola and Betterplace.

The insurtech has also deepened its global capabilities by investing in India-based insurtech, savedIT and expanding its reach into key verticals by acquiring a leading ticket refund protection specialist, Booking Protect – bringing market leaders like SeatGeek, Seetickets, Tessitura, Secutix, Audienceview, Zaiko and more to the XCover platform.

“We’ve always been strategic in our approach to fundraising and closing our largest round of funding yet in a challenging fundraising environment reinforces the strength of our embedded business model,” said Angus McDonald, CEO and co-founder of Cover Genius. “Customers are dissatisfied with traditional insurers who…