In accordance with a press statement, the fundraising round, which was spearheaded by Dawn Capital, would aid Cover Genius in growing its XCover insurance distribution platform.
The co-founder and CEO of the firm, Angus McDonald, stated that “customers are upset with traditional insurers who went MIA during the epidemic and frequently produce low post-claim Net Promoter Ratings (NPS) scores.”
In contrast to traditional insurers, “our tech-forward approach focuses on a frictionless and transparent client journey and achieves a post-claim NPS of +65.”
The press release highlights the company’s growth since its Series C in 2021, noting that it has partnered with businesses like the travel app Hopper, the buy now, pay later company Zip, and the gig economy apps Ola and Betterplace from India, in addition to nearly tripling its revenue year over year.
The New York City-based business also paid an unknown fee last summer to get inbuilt ticket protection for the sellers’ platform Booking Protect.
As stated at the time, the agreement enables Cover Genius to increase its market share in the live entertainment and ticketing sectors by providing embedded protection for ticket brokers, ticket marketplaces, and live event companies like SeatGeek, Spectrix, AudienceView, and Night Out.
