Australia-based insurtech Cover Genius is aiming to further expand its global presence after raising $100 million from investors, including Japan’s insurance group Sompo Holdings.

CEO and co-founder Angus McDonald says the insurtech has signed 20 new partners while tripling its gross written premium in the January-July period.

The business has opened offices around the world, with a focus on the US and Asia.

“We are entirely focused on growing our business and are very pleased with the capital raise,” Mr McDonald told insuranceNEWS.com.au.

“We plan to continue this growth trajectory and use the funds to widen our global reach, grow our international team and allow more digital companies to embed insurance into their ecosystem to better protect their customers.”

Mr McDonald says the business continues to see an increase in demand from existing partners to expand the insurtech’s services to reach global audiences.

The insurtech says its 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.

A Bloomberg article says the $100 million fund-raise boosted the valuation of Cover Genius to $1 billion.

When asked if Cover Genius is now worth $1 billion, Mr McDonald says “valuation is commercially sensitive”, citing the insurtech’s commitments to its investors and partners.

“I’m proud to say that we have been profitable from day one,” Mr McDonald said. “Having started as a bootstrapped company, we understand the unit economics of work and take a very disciplined approach when using capital.”

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 intends to 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.