Asia Digest: Australia’s Cover Genius bags $70m; Cambodia’s Azaylla raises capital

Photo by Josh Appel on Unsplash

Australia’s Cover Genius announced that it has raised $70 million in its latest funding round to accelerate its insurtech platform, while Cambodia’s fresh food and grocery distribution company Azaylla has secured an undisclosed amount from Uberis Impact Network.

Sompo Holdings leads Series C funding in Cover Genius

Australia-based insurtech company Cover Genius has raised $70 million (AUD$100 million) in a Series C funding round led by Sompo Holdings (Asia).

According to a press statement, Sompo Holdings has pumped in approximately $47 million (AUD$68 million), with the participation of G Squared and other existing investors. Cover Genius’ total funding now stands at approximately $95 million, according to Crunchbase.

The funding will go towards expanding its global insurance distribution platform, as well as supporting new e-commerce, property, travel, mobility, auto, B2B and financial services partners.

Founded in 2014 by Chris Bayley and Angus McDonald, Cover Genius provides end-to-end embedded insurance to the customers of some of the world’s largest digital companies, including Booking Holdings, eBay, Wayfair, Intuit and Shopee.

Some of its technologies include XCover, a platform which delivers customisable, personalised insurance and warranty products in any country, language and currency, and XClaim, an API for real-time payment of approved claims.

“With 70% of customers wanting embedded insurance integrated into their online experiences, our XCover distribution platform is helping some of the world’s largest global companies exceed their customer expectations of what insurance can be with a single API call,” said Angus McDonald, CEO and co-founder of Cover Genius.

Fintech, which includes insurtech, is a hot sector for investments, especially post COVID-19. In recent developments, PolicyStreet raised $6 million in a Series A round led by Altara Ventures, Auspac, and Gobi Partners, while bolttech raised $210 million Series A from investors such as EDBI and Mundi Ventures.

Azaylla raises funding from Uberis Impact Network

Azaylla, a Cambodian startup specialising in the grocery and fresh food distribution business, has announced an investment from angel investor Uberis Impact Network. Financial details of the transaction were not mentioned.

The investment will help Azaylla boost Cambodian farmers’ livelihoods by replacing foreign imported fruit and vegetables, with high quality Cambodian products. Currently around 70% of fruit and vegetable consumption in Phnom Penh is imported, with the majority coming from Vietnam.

Azaylla will further expand its network and farmers will benefit from wider market access to consumers in key urban centers around the country.

Founded in 2019 by Parth Borkotoky, Azaylla provides farmers value-added services including quality control, financing, logistics, packaging, and branding. “These services make it easier for Cambodian producers to participate in the domestic market, whilst ensuring consistently high service levels to our clients,” said Borkotoky.

Consumer attitudes towards local sourcing, equitable treatment of producers and food safety have been re-enforced during the COVID-19 pandemic. The World Economic Forum has advised countries and consumers to support “local food systems with shorter, fairer and cleaner supply chains that address local priorities”.

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.