About
Cover Genius is a global embedded insurance platform. Raised $240M+ total including $70M Series D (2022, Dawn Capital) and Series E. 120M+ policies sold protecting 41M+ customers in 60+ countries. XCover API powers partners like Amazon, eBay, Booking.com, Ryanair, Shopify, Wayfair, Klarna. 107% YoY growth 2023, 145% NRR. $1.1M daily GWP. Founded 2014 in Sydney by Angus McDonald.
Key Facts
- [1]Funding: Total funding: $240M. Last round: May 2024. Stage: Growth.
- [2]Customers: Key customers include Amazon, eBay, Booking.com.
- [3]Employees: Employee count: 201-500.
- [4]Website: Official website: covergenius.com.
- [5]AI Technology: Core AI/ML technologies: Predictive ML.
- [6]Region: Region: APAC (Australia).
Founders
Angus McDonald
Co-founder & CEO
Chris Bayley
Co-founder & COO
Key Customers & Partners
AI Technology
Predictive ML
Traditional ML algorithms for classification, regression, and scoring models
Classification
Market Segments
Tech Stack Layers
Details
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Frequently Asked Questions
What is CoverGenius?
Cover Genius is a global embedded insurance platform. Raised $240M+ total including $70M Series D (2022, Dawn Capital) and Series E. 120M+ policies sold protecting 41M+ customers in 60+ countries. XCover API powers partners like Amazon, eBay, Booking.com, Ryanair, Shopify, Wayfair, Klarna. 107% YoY growth 2023, 145% NRR. $1.1M daily GWP. Founded 2014 in Sydney by Angus McDonald. CoverGenius is classified in the Insurance segment at the Applications layer of the financial AI stack.
Who founded CoverGenius?
CoverGenius was founded by Angus McDonald (Co-founder & CEO) and Chris Bayley (Co-founder & COO).
How much funding has CoverGenius raised?
CoverGenius has raised $240M in total funding, placing the company at the Growth stage. The most recent round closed in May 2024. Among 45 funded Insurance companies, CoverGenius ranks #21 by total capital raised. (Source: AIFI Map directory.)
What AI technology does CoverGenius use?
CoverGenius primarily leverages Predictive ML technology. Traditional ML algorithms for classification, regression, and scoring models. Within the Insurance segment, 28 companies use this technology.
What market segment does CoverGenius operate in?
CoverGenius operates in the Insurance market segment. AI insurance companies are modernizing one of the oldest financial sectors, applying machine learning to underwriting, claims processing, actuarial modeling, and risk assessment across property, casualty, health, and life insurance lines.
Where is CoverGenius headquartered?
CoverGenius is headquartered in Sydney, Australia. The company operates in the APAC region. The team consists of 201-500 employees. Australia is home to 4 financial AI companies tracked by AIFI Map.
Who are CoverGenius's competitors?
Companies similar to CoverGenius in the Insurance space include Unit21 ($92M raised), Kaaj ($4M raised), Lendbuzz ($310M raised), Ramp ($2.3B raised), Brex ($1.5B raised). These companies operate in related areas of financial AI: Unit21 focuses on ai-powered fraud and aml platform. Kaaj focuses on agentic ai for small-business lending automation. Lendbuzz focuses on ai auto financing for underserved populations. (Based on AIFI Map classification data.)
What products does CoverGenius offer?
CoverGenius builds applications-layer solutions for the financial services industry. The company's core offering: AI-powered embedded insurance platform. The platform is powered by Predictive ML technology. Notable users include Amazon, eBay, Booking.com.