Insurtech company Cover Genius has raised more than £8.2 million as it expands its product suite and partner network globally.
The funding announcement comes as the company launches its product and parcel insurance products on Shopee Thailand.
Within the last month, Cover Genius has successfully integrated commercial, shipping and product insurance for six global ecommerce platforms, including Tile and Wayfair.
The latest funding round, led by King River Capital, supplemented by a loan from Leap Capital, is aimed at supporting Cover Genius integrations with significant names in technology and ecommerce across South East Asia, India, the US and Europe.
Angus McDonald, chief executive officer and co-founder of Cover Genius, said the latest funding round, backed by the company’s existing shareholder group, showed continued investor support for its international expansion plans.
McDonald said: “Our global partner network is rapidly growing and this recent raise will support the ongoing development of high volumes of strategic partnership deals, across a broad range of insurance lines, verticals and geographies.”
Commenting on how customer adoption of insurance has increased dramatically in recent times with the surge to online shopping, McDonald said: “Customers want to protect their purchases, big or small, and given the option many will take insurance cover at the point of sale from their favourite online brands.”
“The confidence this gives customers is driving an increase in purchase volume with 32% of customers happy to buy and spend more if offered insurance. Our partners are certainly ahead of the curve and can see the value of insurance not only to their customers, but also their business.”
Chris Barter, partner at King River Capital, continued: “It’s no surprise that many businesses are looking at partnerships and integrations that can help grow their business in these challenging times. Cover Genius has a long history of actively contributing to the growth and prosperity of some of the world’s biggest ecommerce brands and we are excited to see them expand so quickly into new territories and verticals.”