Market Metrics
Valuation
~$1B
+100% from Aug 2021
Total Raised
~$220M
Across 5 priced rounds
Customers Covered
100M+
Up from 60M in 2022
Marketplace Partners
25+
Including Booking, eBay, Uber, Shopee
Updated at 2025-FY
Funding History
Total raised: ~$220M · Latest valuation: ~$1B
| Round | Date | Amount | Valuation | Key Investors |
|---|---|---|---|---|
| Seed + Series A | 2015-2018 | $10M | - | AGL Innovation FundStone Ridge Ventures |
| Series B | Jun 2019 | $10M | - | King River Capital (lead) |
| Series C | Aug 2021 | $80M | $500M | Sompo Holdings (lead)King River Capital |
| Series D | Mar 2022 | $70M | - | Dawn Capital (lead)SompoKing River |
| Series E | Jan 2024 | $50M | ~$1B | Spark Capital (lead)BNY MellonDawn |
Updated at 2025-FY
Product Specifications
| System | Type | Status |
|---|---|---|
| XCover | Embedded insurance API platform | Production (25+ marketplaces) |
| Travel Insurance | Trip + cancellation policies via partners | Production (Booking, Skyscanner) |
| Parcel & Shipping Protection | Product + shipping insurance via marketplaces | Production (eBay, Shopee) |
| Gig Worker Insurance | On-platform protection for drivers + sellers | Production (Uber, others) |
| Appliance + Warranty | Extended warranty + repair coverage | Production |
Updated at 2025-FY
Partnerships & Investors
Booking.comDistribution
Travel insurance at checkout since 2016: flagship multi-country partnership
eBayDistribution
Shipping protection + product warranty since 2018
UberDistribution
Driver insurance across multiple regions
ShopeeDistribution
Marketplace seller protection across Southeast Asia
Sompo HoldingsInvestor + Capacity
Series C strategic + capacity provider across Japan/Asia
Munich ReCapacity
Reinsurance capacity for parcel + gig lines
Updated at 2025-FY
Key Milestones
Mar 2014
Company Founded
Angus McDonald (ex-Google + Booking.com) and Chris Bayley launch Cover Genius in Sydney to build an embedded-insurance platform for global digital businesses: insurance offered at point of sale
2016
Booking.com Partnership
First major partner: travel insurance embedded into Booking.com checkout across multiple geographies; validates the embedded-distribution thesis
2018
eBay Partnership
Adds eBay shipping protection at checkout: extends to product warranty + appliance protection for marketplace sellers
Jun 2019
XCover API Platform Launches
Releases XCover, modular embedded-insurance API enabling marketplaces to launch policies in under 6 weeks: first true 'Stripe for insurance' platform
Aug 2021
Series C at $500M
Sompo Holdings (Japanese insurance group) leads $80M; provides global capacity for new lines + Asia distribution; Cover Genius covers $4B+ in policies
2022
Uber + Shopee Partnerships
Adds Uber driver insurance + Shopee marketplace seller protection across SEA; covers 60M+ customers globally
Jan 2024
Series E at ~$1B
Spark Capital leads $50M as growth-equity round; reaches unicorn-zone status; XCover serves 25+ marketplace partners
2025
Cumulative Customers Pass 100M
Covers 100M+ customers across travel, parcel, gig, marketplace, and warranty lines; Sompo + Munich Re + Lloyd's syndicates provide capacity
Apr 2026
AI Claims Automation
Deploys multi-modal AI claims adjudication that auto-resolves 80%+ of travel + parcel claims in <60 seconds: sets new bar for embedded insurance UX
Updated at 2025-FY