Australian insurtech company Cover Genius raises $10.7m led by King River Capital

Angus McDonald and Chris Bayley

Australia-based insurtech company Cover Genius has raised A$15 million ($10.7 million) in a funding round led by venture capital firm King River Capital, according to an announcement.

This funding round, supplemented by a loan from Leap Capital, is part of the company’s plan to expand its product and parcel insurance product suite and partner network globally.

In the last month alone, Cover Genius has successfully integrated commercial, shipping, and product insurance for six global ecommerce platforms. This includes Shopee, which is popular in Southeast Asia; Tile, an American consumer electronics company, which produces devices to help users find their belongings; and Wayfair, one of the world’s largest online destinations for furniture and home-goods.

Cover Genius CEO and co-founder Angus McDonald said the latest funding round, backed by the company’s existing shareholder group, showed continued investor support for its international expansion plans.

Cover Genius has offices in North America, the United Kingdom, The Netherlands, Germany, Japan, Singapore, India, Korea, Indonesia, Malaysia, Thailand, New Zealand, and Australia.

“It’s no surprise that many businesses are looking at partnerships and integrations that can help grow their business in these challenging times. Cover Genius has a long history of actively contributing to the growth and prosperity of some of the world’s biggest e-commerce brands,” said Chris Barter, a partner at King River Capital.

King River Capital is an Australia-based firm. It announced the first close of its debut fund and the completion of two investments into local companies in 2019. King River is looking to invest in 15-20 early-stage companies in Australia and overseas with an average cheque size of A$10 million ($7.07 million) over the next three to four years. It added that it will focus on late-Series A and Series B investment opportunities in the tech and software sector.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.