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| [March 12, 2019] |
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King River Capital Announces Successful First Fund Closing, Investments in Two Start-Ups
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 (News - Alert).
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.
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FinClear - an ASX general clearig and settlement participant offering
a full-stack technology solution to third-party clearing and
settlement for market participants within the Australian stockbroking
community
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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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190311005970/en/
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