COVU, a company specialising in AI-native services for insurance agencies, has successfully raised $12.5m in equity and debt financing as part of its Series A funding round.
The round was led by Benhamou Global Ventures (BGV), ManchesterStory, and Markd, with participation from both new and existing investors, according to InsurTech Insights.
The total capital raised by COVU now exceeds $20m, including an additional $4m in debt and equity financing to be unlocked once key milestones are achieved.
The company plans to use the newly raised funds to further develop its platform, allowing insurance agencies to improve their workflows, offer better customer experiences, and scale their businesses with increased efficiency.
Ali Safavi, Co-Founder and CEO of COVU, expressed his excitement about the new funding and the company’s future. “We are committed to providing insurance agencies with AI-native solutions that enhance both efficiency and trust,” Safavi said. “We are thrilled to partner with investors who understand the disruptive potential of AI in transforming the insurance industry.”
Eric Benhamou, Managing Partner at BGV, praised COVU’s innovative approach to insurance servicing. “COVU is pioneering the future of insurance servicing by blending AI-driven insights with a human touch,” Benhamou said. Matt Kinley, Founding Partner at ManchesterStory, also emphasised the company’s strategic positioning, noting that “insurance is ripe for disruption, and COVU’s technology and approach are perfectly positioned to capitalise on this opportunity.”
Parker Beauchamp, Founder of Markd, also highlighted COVU’s unique combination of AI and human intelligence in transforming insurance servicing, calling it “a new standard in insurance servicing.”
This round marks a significant step forward for COVU, which continues to focus on helping insurance agencies scale their operations using AI to enhance efficiency and customer experience.
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