Cover Genius, a New York-based insurtech specialising in embedded protection, has notched a $1.9 billion valuation following a $100 million capital raise with Vista Equity Partners.
The company has increased its valuation significantly since October 2021, when Bloomberg first reported a $72 million Series C round at a valuation of $729 million. Cover Genius last raised $80 million in Series D funding in May 2024.
Current backers include Spark Capital, Dawn Capital, G Squared, Sompo Holdings, and early investor King River Capital. Together with the fresh capital from Vista Equity Partners, Cover Genius has now accumulated about $345 million in total funding since 2014.
Founded by CEO Angus McDonald and Chris Bayley, Cover Genius operates a B2B2C platform that is designed to let online merchants offer insurance packages to consumers at the point of sale.
The company claims to now reach over 70 million consumers by connecting over 200 platform partners with 50-plus insurance carriers. Its broader footprint has scaled to cover 240 million policies via integration partners including Klarna, Revolut, and Amazon.
Cover Genius states that the investment from Vista Equity Partners, made through Vista Credit Partners, comes amid 50% year-over-year revenue growth and more than $3 billion in cumulative gross written sales.
The fresh funding will be used to enhance partner integrations, expand AI capabilities for product personalisation and claims processing, scale the technology platform, and fund “selective strategic acquisitions”, Cover Genius states.
Previous buyouts made by Cover Genius include Booking Protect for embedded ticket protection and embedded warranty provider Clyde Technologies.