Australian ecommerce insurance provider Cover Genius has raised $10 million in a Series B funding round to fund further growth into the UK, the US and Asia.
The round was led by US-Australian venture capital firm King River Capital, with participation from UBS Investment Bank’s vice chairman Jasper Tans, New York’s Belfer Family, pre-IPO fund Regal Funds Management and Marinya Capital – a branch of Australia’s Fairfax family.
Cover Genius CEO: “The insurance industry has been held back by legacy systems”
Cover Genius’ regulated insurance policies integrate into online point of sale and signup paths, using its instant payments platform to pay approved claims.
The insurtech integrates with Shopify, WooCommerce, ShipStation and Magento, serving ecommerce sites such as booking.com.
“The insurance industry has been held back by legacy systems and a lack of global coordination and customer-centricity for decades,” says CEO and co-founder Angus McDonald.
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“We sought to change that and create simple, yet useful, policies, streamline the claims process and enable the world’s largest online companies to protect their global customers.”
McDonald feels like his company is “evolving the insurance experience to cover all of the things they [customers] care about and purchase online.”
Investors are not surprised at the insurtech’s growth. King River Capital’s partner Chris Barter says that “when you look at the many friction points for customers that they have resolved” it’s no wonder the company has “largely been bootstrapped and profitable since its founding in 2014”.