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New venture capital fund invests in FinClear, Cover Genius

Venture capital fund King River Capital completed its first two investments in FinClear Pty Ltd. and Cover Genius Pty Ltd.

The new fund, which helps early stage Australian and overseas-based software companies with the capital, knowledge and international relationships to enable global expansion opportunities, disclosed the completion of the investments along with the first close of its initial fund.

The fund plans to invest an average of A$10 million over 3-4 years in 15-20 such companies in the technology and software sector.

Australia-based FinClear offers a full-stack technology solution to third-party clearing and settlement in Australia's stockbroking community.

Cover Genius provides car rental, travel, package, white goods and consumer electronics insurance to e-commerce platforms.

In addition, Megan Guy joined King River as a partner and co-founder to lead its operations in San Francisco.