According to a press release, Cover Genius would be able to expand its XCover insurance distribution platform with the help of the fundraising round, which was led by Dawn Capital.
Angus McDonald, the company’s co-founder and CEO, said that “customers are angry with traditional insurers who went MIA during the epidemic and frequently produce low post-claim Net Promoter Ratings (NPS) scores.”
With a post-claim NPS of +65, “our tech-forward approach” differs from traditional insurers in that it focuses on a frictionless and transparent client journey.
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.
