The Australian insurtech has raised A$15 million ($10.7 million), which will be used to support integrations with some of the biggest names in technology and e-commerce across Southeast Asia, India, the United States and Europe.
The funding round, led by King River Capital, was supplemented by a loan from Leap Capital, the fast-growing startup announced on Wednesday.
Cover Genius works with online retailers and e-commerce platforms to develop tailored and optimized protection products offered at the point of sale and sign up. In the last month, the company successfully integrated commercial, shipping and product insurance for six global e-commerce platforms, and launched its product and parcel insurance products on Shopee Thailand.
«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,» Angus McDonald, Cover Genius CEO and co-founder, said in the announcement.
Growing Team
Founded in 2014, the company recently announced a number of appointments to expand the Cover Genius team in Asia, which already includes Partnerships and Customer Support teams in Thailand and Indonesia.
It also named start-up and insurtech specialist Arijit Chakraborty as its managing director for Southeast Asia and India.
The company has previously stated its intention to expand its reach into the retail, travel, fintech, logistics, automotive, mobility, business services and gig-economy sectors in Asia and India
