King River Capital, a new venture firm that provides funding to early-stage software companies in Australia and overseas, has raised an undisclosed amount of funding in the first close of its debut fund. Also, KRC has invested in two Australian companies: FinClear, an wholesale financial services provider; and Cover Genius, an insurtech startup. KRC is seeking to invest in 15 to 20 companies with an average investment of A$10 million over three to four years.
New venture capital fund, King River Capital (KRC), today announced the first close of its initial fund and the completion of its first two investments in FinClear and Cover Genius.
KRC provides early stage Australian and overseas-based software companies with the capital, knowledge and international relationships to enable global expansion opportunities.
Based on this initial early stage fund close, KRC will be looking to invest in 15-20 companies with an average investment of AUD$10m, over 3-4 years. Though stage-agnostic, KRC will be focusing on late-Series A and Series B investment opportunities in the technology and software sector. The fund’s capital was obtained from Australian, US, Asian and European sources.
Further to the initial funding close, KRC also announced the completion of investments in FinClear and Cover Genius.
FinClear – an ASX general clearing and settlement participant offering a full-stack technology solution to third-party clearing and settlement for market participants within the Australian stockbroking community
Cover Genius – a provider of car rental, travel, package, white goods and consumer electronics insurance to ecommerce platforms. Cover Genius is the only truly global multi-line insurance platform designed to scale and meet the needs of increasingly global e-commerce businesses.
With the close of its first funding round and completion of its first two investments, KRC also announced that Megan Guy has joined as a partner and co-founder to lead KRC’s operations in San Francisco.
“King River Capital will be the bridge to Silicon Valley for Australia’s burgeoning tech start-up scene. We will be deploying capital, knowledge, relationships and expertise for Australian tech start-ups seeking to go global,” said King River Capital co-founder, Zebediah Rice. “And we are providing access to some of the best investment opportunities in Silicon Valley for our investors here in Australia.”
“King River Capital is focused on finding companies that offer high-growth, scalable opportunities in the technology sector. As a smaller fund, we have the benefit of greater agility, low pressure to deploy capital, high filtering and high-touch oversight,” said King River Capital co-founder, Chris Barter.