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Cover Genius Pty Ltd. said Tuesday it has raised $70 million in Series D funding in a round led by Dawn Capital.
Others included new investor, New York-based Atlas Merchant Capitan LLC, together with existing investors including Chicago venture capital fund manager G Squared Equity Management LP and King River Capital Group.
Cover Genius offers embedded protection to multiple industries including airlines, travel and rental companies, retail, financial services, real estate, logistics, ticketing, gig economy and benefit companies and more. The platform is licensed in all 50 states.
Cover Genius said it has reached $1.1 million in daily gross written premium, and has enlarged its partnership base with new members including two of the world’s largest airlines, Ryanair and Turkish Airlines.
“Closing our highest-ever funding round in a challenging environment for raising capital reinforces the strength of our embedded business model,” Angus McDonald, CEO and co-founder of Cover Genius, said in the statement.
Dan Chaplin, principal at Dawn Capital, said in the statement that embedded insurance is a rapidly growing segment of the market.