Australia-based insurtech Cover Genius has secured $100 million in new funding from financial backers to support its global expansion plan.

Japan’s insurance group Sompo Holdings led the Series C round via its Singapore-based regional arm, investing $68 million in the business. Series C is either the third or fourth stage of start-up financing where the entity has demonstrated it has a viable business model to grow further.

Global venture capital firm G Squared and other existing investors are the other participants in the C funding round.

Cover Genius says it will use the capital raised to expand its global insurance distribution platform and support new e-commerce, property, travel, mobility, auto, B2B and financial services partners.

The injection of new funds comes as the business tripled its gross written premium after signing over 20 new partners across multiple industries.

“This strategic investment will help us expand our capabilities into markets equipped for new lines of distribution,” Cover Genius CEO and co-founder Angus McDonald said.

He says the insurtech’s XCover distribution platform is helping some of the world’s largest companies exceed consumer expectations of buying insurance.

Cover Genius has grown rapidly since it started in 2014. It specialises in providing end-to-end “embedded” insurance to customers of leading digital companies such as eBay and southeast Asia’s e-commerce site, Shopee.

“The company’s disruptive approach to insurance benefits both customers, who receive a seamless digital experience, and partners that can provide customers global, expandable insurance offerings with dynamic pricing and product recommendations,” Sompo Asia CEO Daniel Neo said.

“We are excited to partner with a frontrunner in the space whose technology is uniquely positioned for a global, platform-based economy.”