COVU, the AI-native operating system for insurance, has raised $16m in fresh capital through a mix of equity and growth financing, bringing the company’s total funding to approximately $50m.
The new investment comes from a group of backers that have not been disclosed in the announcement, according to the Coverager.
The California-based InsurTech provides independent insurance agencies with a suite of technology and services, including customer relationship management (CRM) tools, marketing solutions, licensed support, and access to carriers. The platform is designed to simplify operations for agencies while also offering them new revenue opportunities.
COVU has said the funds will be used to accelerate development of its technology, strengthen its operational infrastructure, and give its agency partners additional flexibility in how they run their businesses. The company emphasised that the investment will enable agencies either to scale up operations or to step away from their businesses via a structured, supported transition process.
The company has also revealed that it has completed seven agency acquisitions to date as part of its growth strategy, highlighting its ambitions to broaden its presence in the sector.
COVU CEO Ali Safavi said, “We’re not here to sell software. We’re building the infrastructure that powers the future of insurance. Our goal is to help agencies operate with more intelligence, more efficiency, and more care, while preserving the advisor relationship that customers trust.”
To date, COVU has raised about $50m across its funding rounds, with the latest $16m marking a significant milestone in its mission to reshape insurance operations for agencies.
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