Cover Genius Pty Ltd said on Tuesday that 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, along with existing investors, including Chicago venture capital fund manager G Squared Equity Management LP and King River Capital Group.
Cover Genius offers built-in protection to multiple industries, including airlines, travel and rental companies, retail, financial services, real estate, logistics, ticketing, gig economy and benefit companies and more.
Cover Genius said it has reached $1.1 million in daily gross premium, and has expanded its partnership base with new members including two of the world̵7;s largest airlines, Ryanair and Turkish Airlines.
“Closing our highest-ever funding round in a challenging capital raising environment 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 built-in insurance is a rapidly growing segment of the market.