Sydney-Based Marshall Family Office Provides $8M Debt Facility

The Sydney-based Marshall family office (Marshall Investments) has provided an $8 million debt facility to UpCover, an Australian insurtech startup. This debt facility is part of UpCover’s recent $19 million Series A funding round, comprising $11 million in equity and $8 million in debt. The round was led by RealVC, with participation from Antler Elevate’s Global Fund, BetterLabs, and Gandel Invest (Melbourne-based single family office of the Gandel family).

Launched in 2021, UpCover offers a digital alternative to traditional insurance brokers. It provides business insurance products such as public liability, professional indemnity, and directors’ liability insurance. Despite the growing trend of online-first insurance platforms globally, over 95% of business insurance transactions in Australia are still processed through offline brokers.

Marshall Investments has been a key provider of growth capital in Australia and New Zealand since 2018. The firm focuses on senior secured loans to high-growth, venture capital-backed companies. This financing type—often called growth credit or venture debt—offers companies a non-dilutive alternative to equity fundraising. It allows founders and shareholders to preserve their equity while raising capital to support growth initiatives.

Marshall Investments’ growth capital strategy targets stable, predictable yields with potential upside through performance-based fees. The firm’s previous investments include loans to other growth companies and significant property development projects.

The debt facility provided to UpCover reflects Marshall Investments’ ongoing focus on supporting fast-growing companies. UpCover plans to use the Series A funding to expand its platform, launch new insurance verticals, and integrate AI into its underwriting and broking technology.

Marshall Investments has a long history of strategic investments, including commercial property developments and growth capital. Notable recent projects include acquiring a commercial building at 6 Gladstone Street, Moonee Ponds, and completing a commercial building at 1-5 Chalmers Crescent, Mascot.

With this latest funding round, UpCover has raised $23.7 million to date, positioning itself for further growth and expansion in the digital insurance space.

Source: Insurance Business Mag (12.02.2025)
Picture Source: Getty Images, Unsplash+ (15.02.2025)