- Startup Insurtech Cover Genius recently raised $ 100 million in Series C funding.
- The company was founded in 2014 by Chris Bayley and Angus McDonald, former employees of Google and Yahoo.
- Insider got an exclusive look at the pitch deck he was using to bring investors on board.
Cover Genius, a startup that allows companies like Skyscanner and Booking.com to offer flexible insurance policies on their sites, recently raised $ 75 million in new funding.
The Australian company, founded by former Google chief Chris Bayley and former Yahoo employee Angus McDonald, raised the funds in a fundraiser supported by Japanese insurer Sompo Holdings and VC G Squared, based in Chicago.
Bayley and McDonald had tried to start their own online travel agency to compete with Booking.com and Airbnb in 2014. However, the pair found that there was a significant problem: it was really difficult to get insurers to to associate. with them, so that customers can buy insurance and book their trips at the same time.
They decided to solve the problem themselves by obtaining the necessary licenses to facilitate the offer of international travel insurance. Since its creation, Cover Genius has signed agreements with companies not specialized in travel such as Ebay and the AutoMatix car dealership.
Most of the tour was led by Japanese Sompo, who contributed $ 50 million to Series C.
McDonald’s said most online shoppers want insurance built into their checkouts, and its technology can protect customers regardless of location, currency or language.
“This strategic investment will help us expand our capabilities into markets equipped for new distribution lines,” he said.
Insider got an exclusive look at the pitch deck Cover Genius used to bring investors on board. Check it out below: