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COVU, which offers AI-native services for insurance agencies, has boosted its Series A financing to $22m to further scale its AI capabilities.
The funding round was spearheaded by Benhamou Global Ventures, the lead investor from the insurtech company’s initial Series A raise, with True Global Ventures joining as a new investor.
This builds on COVU’s $12.5m Series A announced last year.
With the fresh infusion, COVU plans to expand its AI-native roll-up and marketplace business, enhance AI automation capabilities and strengthen partnerships within the insurance ecosystem.
Initially set as “milestone-based financing”, the round was increased to $10m and oversubscribed. This takes the insurtech company’s total capital raised to $32m.
COVU also gained access to venture debt.
The company plans to attract more than $30m in additional debt financing to enhance its platform.
COVU claimed “3–4x” growth in the past year, attributing this to the launch of its AI capabilities and closing one out of every three customer cases without the need for human intervention.
COVU CEO and co-founder Ali Safavi said: “We believe the future of insurance is in collaboration between AI and human expertise.
“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.”
COVU leverages “intelligent automation” with human expertise to help agencies, brokers and financial institutions offer risk management and boost customer retention.