AI-driven InsurTech company COVU has increased its Series A funding to $22m as it looks to scale its artificial intelligence capabilities and expand its market presence.
The latest investment round was led by Benhamou Global Ventures, which had previously spearheaded COVU’s initial Series A raise, according to InsurTech Insights.
True Global Ventures also participated as a new investor in this round. This funding builds on the company’s earlier $12.5m Series A announced last year.
COVU provides an AI-powered insurance roll-up and marketplace platform, integrating automation with human expertise to assist agencies, brokers, and financial institutions in improving risk management and customer retention.
The company’s solutions leverage artificial intelligence to streamline operations, enhance customer service, and increase efficiency across the insurance ecosystem.
With the new capital, COVU intends to strengthen its AI-driven automation capabilities, deepen industry partnerships, and further develop its marketplace model.
The funding round, initially structured as milestone-based financing, was expanded to $10m before being oversubscribed, ultimately bringing the firm’s total funding to $32m.
In addition to equity financing, COVU has secured access to venture debt and is actively pursuing an additional $30m in debt financing to further enhance its platform.
The company has reported significant growth, with a three- to fourfold increase over the past year, largely attributed to the adoption of its AI-powered solutions. According to COVU, one in three customer cases is now resolved without human intervention, demonstrating the effectiveness of its technology.
“We believe the future of insurance lies in the collaboration between AI and human expertise,” COVU CEO and co-founder Ali Safavi said. “Insurance is not just about transactions—it is about trust, protection, and high-quality service. AI enhances efficiency, but licensed professionals provide the expertise and relationships that clients rely on. This funding allows us to scale our mission of delivering seamless, AI-powered insurance servicing that empowers agencies rather than displacing them.”
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