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Cover Genius raises $15 million as online commerce increases

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Technology company Cover Genius, which facilitates ecommerce insurance, has raised $15 million as it extends its product suite and partner network globally amid opportunities from rising online purchasing.

The Sydney-based group says the funding round, led by King River Capital and supplemented by a loan from Leap Capital, is aimed at supporting integrations in the technology and ecommerce arena in international markets.

The company has recently entered a partnership with Shopee Thailand and says within the past month it has integrated commercial, shipping and product insurance for six global ecommerce platforms.

“Our global partner network is rapidly growing, and this recent raise will support the ongoing development of high volumes of strategic partnership deals,” CEO and co-founder Angus McDonald said.

Cover Genius says the market for insurance products embedded into points of sale or signup is significant and has accelerated with the COVID-19 outbreak.

“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,” Mr McDonald said.