The firm, founded by former Google and Yahoo executives, enables ecommerce companies to sell insurance to their customers and already has offices in both Sydney and London.
“Being near the insurance hub of Dallas brings us closer to multiple underwriting partners, and our location in Austin puts us in the new epicentre of the tech industry in the US,” Chris Bayley, Cover Genius co-founder and CEO, said, according to Business Insider.
Working alongside international underwriters, the firm allows other companies to sell insurance products via an online platform called BrightWrite.
The firm lists its underwriting partners as Lloyd’s, AXA and QBE and currently operates in the travel, rental car and contractors liability markets.
“The US is our second biggest market, after the UK and Europe, and we see potentially explosive growth there,” Bayley continued.
Headquartered at Sydney fintech hub Stone & Chalk, the business raised $1.1 million in funding in 2015 from London-based insurtech investors and is currently closing another multimillion dollar round of funding to accelerate its expansion.
The firm successfully completed the KPMG and Advance 2016 elevate61 program which gave 11 Australian start-ups the chance to pair with industry mentors to assist expansion into the United States market.
The new Austin office will be led by co-founder and president of partnerships, Angus McDonald.
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