About Cover Genius
Cover Genius is a company based in New York (United States) founded in 2014 by Angus James Ridley Mcdonald, Chris Bayley, Angus McDonald, and Christopher Robert Bayley.. Cover Genius has raised $243.6 million across 7 funding rounds from investors including Sompo Holdings, Regal Funds Management and Dawn Capital. Cover Genius has completed 2 acquisitions, including Booking Protect and Clyde. Cover Genius offers products and services including XCover, RentalCover, XClaim, and BrightWrite. Cover Genius operates in a competitive market with competitors including Zopper, Bolttech, Qover, Open and Lami, among others.
- Headquarter New York, United States
- Founders Angus James Ridley Mcdonald, Chris Bayley, Angus McDonald, Christopher Robert Bayley
- Stage Minicorn
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Sectors
Financial Services
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Email
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Phone
*********
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Website
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Social
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- Legal Name Cover Genius India Private Limited
- Date of Incorporation 09 Sep, 2020
- Jurisdiction Mumbai, Maharashtra, India
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Annual Revenue
$21.6 K (USD)0as on Mar 31, 2022
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Net Profit
$-385.01 K (USD)-427.96as on Mar 31, 2022
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EBITDA
$-365.2 K (USD)-400.79as on Mar 31, 2022
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Total Equity Funding
$243.6 M (USD)
in 7 rounds
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Latest Funding Round
$80 M (USD), Series E
May 15, 2024
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Investors
Sompo Holdings
& 9 more
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Employee Count
Employee Count
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Investments & Acquisitions
Booking Protect
& 1 more
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Products & Services of Cover Genius
Cover Genius offers a comprehensive portfolio of products and services, including XCover, RentalCover, XClaim, and BrightWrite. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Platform for global protection and instant claims processing
Service for worldwide rental car protection offerings
System for instant claims payments in multiple currencies
Tool for real-time price and product recommendations
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Funding Insights of Cover Genius
Cover Genius has successfully raised a total of $243.6M across 7 strategic funding rounds. The most recent funding activity was a Series E round of $80 million completed in May 2024. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 7
- Last Round Series E — $80.0M
- First Round First Round
- Investors Count 10
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| May, 2024 | Amount | Series E - Cover Genius | Valuation | Spark Capital | |
| Nov, 2022 | Amount | Series D - Cover Genius | Valuation | Dawn Capital | |
| Sep, 2021 | Amount | Series C - Cover Genius | Valuation | Sompo Holdings |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
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Investors in Cover Genius
Cover Genius has secured backing from 10 investors, including venture fund, institutional, and angel investors. Prominent investors backing the company include Sompo Holdings, Regal Funds Management and Dawn Capital. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Spark Capital is engaged in venture capital investments.
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Founded Year | Domain | Location | |
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Dawn Capital is focused on investing in European software startups.
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Founded Year | Domain | Location | |
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Venture capital firm investing in high growth software companies
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Cover Genius
Cover Genius has strategically engaged in corporate development activities, having acquired 2 companies. Notable acquisitions include Booking Protect and Clyde. These strategic investments and acquisitions demonstrate the company's commitment to growth through portfolio expansion, market consolidation, technology integration, and strategic partnerships that enhance competitive positioning and drive long-term value creation.
| Company Name | Description | Domain | Location | Founded Year | Amount |
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
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Warranty management solutions are provided for insurance businesses.
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2017 | ||||
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Ticket booking protection solutions are provided through a specialized platform.
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2014 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
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OVO is recognized as a smart digital payment application.
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2017 | ||||
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Bionic investment advisor platform
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 |
Financial Statements - Cover Genius
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Cover Genius Comparisons
Competitors of Cover Genius
Cover Genius operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Zopper, Bolttech, Qover, Open and Lami, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
API-enabled insurance distribution platform is provided for B2C companies.
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| domain | founded_year | HQ Location |
Insurance solutions are connected for businesses and individuals through partnerships.
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| domain | founded_year | HQ Location |
Software suite for designing and distributing digital insurance is offered.
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| domain | founded_year | HQ Location |
AI-based software suite is offered for insurance industry operations.
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| domain | founded_year | HQ Location |
A software suite is provided for insurers and underwriters.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Cover Genius
Frequently Asked Questions about Cover Genius
When was Cover Genius founded?
Cover Genius was founded in 2014 and raised its 1st funding round 5 years after it was founded.
Where is Cover Genius located?
Cover Genius is headquartered in New York, United States. It is registered at New York, New York, United States.
Who is the current CEO of Cover Genius?
Angus McDonald is the current CEO of Cover Genius. They have also founded this company.
Is Cover Genius a funded company?
Cover Genius is a funded company, having raised a total of $243.6M across 7 funding rounds to date. The company's 1st funding round was a Series C of $72.78M, raised on Mar 08, 2019.
What is the annual revenue of Cover Genius?
Annual revenue of Cover Genius is $21.6K as on Mar 31, 2022.
What does Cover Genius do?
Provider of a software suite for the insurance industry. It offers products for insurance distribution and offers an insurance distribution platform for rental car companies, online car agencies, and OTAs to sell rental car insurance. It offers instant claims management and payments. It offers data analytics and a shake shield for parametric earthquake protection with automated payments to business customers. Its platform for insurance and warranties allows fintech, banks, issuers, neo banks, payments platforms, gateways, POS vendors, accounting and origination platforms, lenders of any stripe, merchants, auto dealers, and more to sell or embed personal and commercial insurance lines.
Who are the top competitors of Cover Genius?
What products or services does Cover Genius offer?
Cover Genius offers XCover, RentalCover, XClaim, and BrightWrite.
How many acquisitions has Cover Genius made?
Cover Genius has made 2 acquisitions, including Booking Protect, and Clyde.
Who are Cover Genius's investors?
Cover Genius has 10 investors. Key investors include Sompo Holdings, Regal Funds Management, Dawn Capital, Spark Capital, and King River.
What is Cover Genius's valuation?
The valuation of Cover Genius is $729M as of Sep 2021.
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