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Insurtech Cover Genius secures 100 million AUD in Series C

Cover Genius has announced that it has raised 100 million AUD in its Series C funding round. The round was led by Sompo Asia, who invested around 68M AUD. G Squared and other existing investors participated in the round.

The insurtech has tripled its gross written premium (GWP) after signing over 20 new partners across multiple industries in last six months. The company will use the funding to expand its global insurance distribution platform and support new e-commerce, property, travel, mobility, auto, B2B and financial services partners.

"Given that Cover Genius has been awarded as the number one fastest-growing global insurtech, according to the Financial Times, we are excited to partner with a frontrunner in the space whose technology is uniquely positioned for a global, platform-based economy," said Daniel Neo, CEO of Sompo Asia. "The company’s disruptive approach to insurance benefits both customers, who receive a seamless digital experience, and partners that can provide customers global, expandable insurance offerings with dynamic pricing and product recommendations."

Cover Genius was founded in 2014 and specializes in providing end-to-end embedded insurance to the customers of the world’s largest digital companies, including Booking Holdings, eBay, Wayfair, Intuit, and other global leaders, like SE Asia’s largest company, Shopee.