Cover Genius, an InsurTech for embedded protection, announced its $80 million Series E funding round. The round was led by Spark Capital with support from existing investors, including Dawn Capital, King River Capital and G Squared.

“The display of trust from our investors highlights the resilience of our embedded business model and potential for growth, particularly as we strategically focus on key markets like travel, retail, ticketing, and logistics,” said Angus McDonald, CEO and co-founder of Cover Genius, in a company press release.

The fresh capital will allow Cover Genius to expedite its growth plans and continue to invest in technology, including improved digital insurance distribution solutions, deploying artificial intelligence claims handling and expanding the protection solutions available on the platform, the release said.

The improved tech capabilities and expansion of solutions will support new and existing partnerships, driving the creation of distinct solutions that offer ways for digital companies to distribute protection products, such as Cancel For Any Reason (CFAR), Delay Valet – a payment platform for travel inconveniences – Protection Pocket, and other types of protection.

Since its inception in 2014, Cover Genius has worked to advance insurance distribution through its global distribution platform, XCover. By leveraging AI and data-driven insights, the platform enables partners to provide a range of insurance and other types of protection across various market segments. With a focus on customization, Cover Genius offers both bundled and standalone solutions.

Source: Cover Genius