CoverGo, an AI-native platform serving the insurance industry, has secured $6m from the first close of its Series B1 round as it aims to bring its technology to more insurers around the world.
Betatron Venture Group (BVG) led the investment, which also attracted backing from a mix of returning and new investors.
The fresh capital will go towards building out CoverGo’s AI-native insurance features and speeding up its commercial expansion. The company aims to help insurers overhaul and eventually replace their legacy core systems while embedding AI agent-driven automation throughout their businesses.
Since raising its Series A in 2022, CoverGo has grown its revenues tenfold and has also reached EBITDA breakeven. It now works with 25 institutional clients spread across 15 countries in the Americas, Asia, Europe, the Middle East and Africa, among them major insurers such as AXA, Bupa, Generali, Sun Life, Prudential, Blue Cross, MSIG and Marsh.
CoverGo positions itself as one of the leading global AI insurance platforms covering health, life and P&C lines. Its technology is designed to let insurers carry out digital transformation flexibly, at scale and at lower cost, using AI agents at every stage of the value chain. Insurers worldwide are increasingly turning to the platform to digitise and automate work across omnichannel distribution, policy servicing and claims.
CoverGo CEO and founder Tomas Holub said, “Insurance companies realize more than ever that they need to modernize their core systems. CoverGo is uniquely positioned to accelerate their digital transformation and drive efficiencies across the insurance value chain.
“This funding will help us bring our AI-native platform to more insurance businesses globally and accelerate our vision of becoming the operating system powering the world’s most efficient insurers.”
Betatron Venture Group managing partner and CEO Matthias Knobloch said, “CoverGo combines deep insurance expertise with a next-generation platform that addresses the complexity of insurance transformation.
“Its client adoption, international reach, and progress toward profitable growth provide a strong foundation for its next stage of development. We are excited to support Tomas and the team as they scale the business and help insurers embed AI into their everyday operations.”
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