Cover Genius has raised $US70 million ($109.08 million), allowing it to further expand its insurance distribution platform XCover.

The insurtech also says it set a new record, hitting $US1.1 million ($1.7 million) in gross premiums in a single day, and that year-over-year revenue has almost tripled as it served 10.5 million customers.

The latest funding round was led by Dawn Capital, with participation from Atlas Merchant Capital, GSquared and King River Capital.

Principal Dan Chaplin says Dawn Capital is excited to support Cover Genius as it “continues to reshape the insurance industry and enable easy protection for consumers and businesses”.

"Cover Genius has built a leading platform that is globally enabled, multi-line and end-to-end,” he said.

“They’re working with some of the world’s largest platforms in multiple industries, and have combined exponential growth this year with an exceptionally strong business model.”

Co-founded by Chris Bayley – a first employee in Google's Sydney office where he managed the insurance team – and CEO Angus McDonald, Cover Genius is now authorised or licensed in more than 60 countries and has been valued as high as $1 billion.

It recently added travel app Hopper, Ryanair, Turkish Airlines, buy-now, pay later firm Zip and Indian platforms Ola and Betterplace.

Mr McDonald says customers are dissatisfied with traditional insurers who “went missing during the pandemic”.

“Closing our highest-ever funding round in a challenging environment for raising capital reinforces the strength of our embedded business model,” he said.