COVU, an AI-first company that deals with insurance clients and provides risk advisory services, has raised further Series A funding by another $10 million. The total Series A funding is now $22 million and the overall funding is $32 million. The new funding was led by Benhamou Global Ventures (BGV) with the involvement of new investor True Global Ventures (TGV).
COVU, established in 2019, seeks to revolutionize the insurance servicing market by adopting intelligent automation and human intelligence. Through this strategy, agencies, brokers, and financial institutions can improve risk management, customer retention, and business expansion. The recently raised capital will be utilized for the growth of COVU’s AI-native roll-up and marketplace business, the development of AI automation capabilities, and the deepening of partnerships within the insurance ecosystem.
This funding comes after the Series A funding of $12.5 million in October 2024 that included investments by ManchesterStory, BGV, and Markd. COVU’s total capital at that point was in excess of $20 million with another $4 million debt and equity capital on the basis of key milestones.
In order to expand its platform even further, COVU is presently seeking to raise more than $30 million of debt funding. By applying innovative strategy involving human intervention supplemented with AI-enabled insights, COVU strives to change insurance agencies’ relationship management of customers by maximizing the operational effectiveness while ensuring bespoke services for ultimate customers.
Ali Safavi, COVU’s Co-Founder and CEO, stated, “We are dedicated to offering insurance agencies AI-native solutions that drive efficiency and trust.” With this investment, we can double down on our emphasis on AI-native services and assist our agency partners in expanding their businesses, automating processes, and providing the great customer experiences their customers demand.
COVU’s vision has drawn strong investor support. Eric Benhamou, Managing Partner at BGV, said, “COVU is leading the transformation of insurance servicing by leveraging AI-based insights with human touch. We believe their strategy is critical to unlocking the next phase of growth for the industry.”
This capital investment positions COVU to fast-track its growth and further shake up the insurance sector with its AI-born products.
