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.