Embedded safety insurtech Cowl Genius has closed its $80m Collection E funding spherical.
The funding spherical for Cowl Genius was led by Spark Capital with assist from present buyers Daybreak Capital, King River Capital, and G Squared.
As well as, the funding follows a powerful 12 months for the insurtech because it achieved 107% year-on-year progress in 2023. It additionally recorded 145% internet income retention by partnering with massive digital companies.
Moreover, Cowl Genius plans to make use of the funding to hurry up its progress plans and proceed to spend money on know-how, together with distribution options and AI claims dealing with. This could help new and present partnerships, driving distinct options that provide modern methods for digital firms to distribute safety merchandise.
“The show of belief from our buyers highlights the resilience of our embedded enterprise mannequin and potential for progress, significantly as we strategically concentrate on key markets like journey, retail, ticketing, and logistics,” stated Angus McDonald, CEO and co-founder of Cowl Genius.
“Our collaborations with well-known manufacturers, together with Uber, Ryanair, and eBay, display our distinctive capacity to create customer-centric safety options backed by know-how, coverage innovation, and trade experience.”
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“Cowl Genius’ know-how platform, world presence and concentrate on digital claims initially caught our consideration years in the past,” stated James Kuklinski, common companion at Spark Capital. “By tackling frequent insurance coverage obstacles reminiscent of restricted market protection, prolonged claims processes, and an absence of product variety, the corporate has advanced right into a class chief. We couldn’t be extra excited to companion with the corporate as they proceed driving extra worth to companions and a best-in-class shopper expertise.”
Earlier within the 12 months, Cowl Genius partnered with Spanish airline Vueling for an unique journey safety settlement.
The partnership between Cowl Genius and Vueling utilises the insurtech’s present know-how to assist the Spanish low-cost service and cater to travellers’ wants.
