Cover Genius, the insurtech for embedded insurance, said on July 15 it raised $100 million in capital, backed by Vista Credit Partners, a subsidiary of Vista Equity Partners.
The raise ups the business to a $1.9 billion valuation, said Cover Genius, adding that it will use the new capital to deepen enterprise partnerships with enhance
d integration, scale AI capabilities, and invest in platform scalability and strategic acquisitions.
Cover Genius operates a B2B2C embedded protection platform that connects 200+ partners with 50+ global insurance carriers to protect over 70 million end custome
rs at the point of sale across travel, retail, ticketing and logistics. Unlike traditional insurers, Co
ver Genius said it adapts product design, pricing, and presentation in real time to match each merchant’s unique customer journey and geography mix.
“Today’s raise is about broadening possibilities: moving faster, going deeper into our partnerships,
and building the AI capabilities that help people move through every step of their digital journey with certainty,” said Gus McDonald, co-founder and CEO of Cover Genius.
In 2025, Cover Genius said it grew revenue 50% year-over-year and crossed cumulative gross written sales of $3 billion.
Iran said on Thursday that the Strait of Hormuz was an inviolable “red line,” warning that if U.S. President Donald Trump carried out his threat to attack Iran’s infrastructure, it would strike all infrastructure across the Gulf region.
The U.S. launched a fifth night of attacks on Wednesday and reimposed a naval blockade of Iran’s ports, which Washington says is aimed at reopening the Strait of Hormuz, closed by Iran last Saturday after a fragile truce collapsed.
After the first strikes on Wednesday night, Tehran’s top negotiator Mohammad Baqer Qalibaf issued a statement saying: “We are in an essential and existential war with America.”
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Iranian army spokesman Brigadier General Mohammad Akraminia said on Thursday that the Strait of Hormuz, which carried about a fifth of global oil and gas s
hipments before the war, was a “red line” for Iran over which it maintains firm control.
“The Americans thought that by attacking some of our bases on the southern coasts of the country, they could take control of this strategic strait,” Akraminia said.
“However, the Islamic Republic of Iran has the ability to exert control over the Strait of Hormuz from every single point of its territory, and this matter is never dependent on coasts and islands.”
Three U.S. officials told Reuters that U.S. strikes aimed at forcing open the strait are also targeting Iranian military capabilities the U.S. would want to destroy before executing more complex operations.
Iran’s army earlier said in reference to the strait: “We will undoubtedly resist until the end and will neutralize American interventions in the region.”
Iran’s military spokesperson has said that the only way to reopen the Strait of Hormuz was for the U.S. to comply with the 14-point memorandum of understanding that the two sides signed in June, and the implementation of “Iranian regulations” regarding ship traffic in the strait.
Iran Warns Trump Against Striking its Infrastructure
Trump on Tuesday threatened to hit Iranian power plants and bridges next week unless Tehran resumes negotiations.
Akraminia said that if Trump carried out the threat, Iran’s armed forces would strike “all remaining infrastructure” across the region, and the response would be
more severe, wider in scope and more destructive than previous attacks.
Iran said on Thursday it had targeted U.S. bases in Kuwait and Jordan, warning its neighbors that allowing the U.S. to launch attacks against it would not go unanswered.
“Our neighbors should know that providing a base to the Americans and allowing them to fire on Iranian soil is unacceptable and will not go unanswered,” Iran’s army said in a statement.
By early Thursday in the Middle East, sirens sounded in Bahrain, and Kuwait said it was responding to “hostile drone threats.”
