The funding was led by Sydney-based King River Capital and through a loan, GIC backed Leap Capital also supplemented the funding round
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Insurtech company Cover Genius on Wednesday said it has raised AUD15 million funding led by Sydney-based King River Capital. Through a loan, GIC backed Leap Capital also supplemented the funding round.
The company plans to use the fresh capital to expand its product suite and partner network globally.
The funding announcement comes on the back of the company sealing deal with Shopee Thailand to launch its product and parcel insurance on the latter. Within the last month, Cover Genius claims to have integrated commercial, shipping and product insurance for six global ecommerce platforms, including Tile and Wayfair.
“Our global partner network is rapidly growing and this recent raise will support the ongoing development of high volumes of strategic partnership deals, across a broad range of insurance lines, verticals and geographies,” said Angus McDonald, co-founder and CEO, Cover Genius.
“Customers want to protect their purchases, big or small, and given the option many will take insurance cover at the point of sale from their favourite online brands. The confidence this gives customers is driving an increase in purchase volume with 32 per cent of customers happy to buy and spend more if offered insurance. Our partners are certainly ahead of the curve and can see the value of insurance not only to their customers, but also their business,” McDonald added, commenting on the increase in adoption of insurance among customers as online shopping surges.
Commenting on the investment in the insurtech specialist company, Chris Barter, Partner at King River Capital said “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 ecommerce brands and we are excited to see them expand so quickly into new territories and verticals.”