COVU, an artificial intelligence (AI)-native services provider for insurance agencies, has raised $12.5m in a combination of equity and debt financing.
This marks the first tranche of its Series A funding round, bringing the US-based start up’s total funding to over $20m to date.
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The investment attracted attention from investors such as Benhamou Global Ventures, ManchesterStory, and Markd, alongside contributions from both existing and new investors.
COVU has also disclosed plans for an additional $4m in debt and equity financing, which will be unlocked upon reaching certain key milestones.
The insurtech offers a suite of products and services to insurance agencies, including customer relationship management tools, marketing aids, and licensed support.
With its headquarters in California, COVU says it hopes to revolutionise the insurance sector by blending advanced AI technology with human support to deliver a superior customer experience.
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By GlobalDataThe fresh capital injection is set to support COVU’s operational expansion, drive further innovation on its platform, and accelerate growth across its key markets.
COVU co-founder and CEO Ali Safavi said: “We are committed to providing insurance agencies with AI-native solutions that enhance both efficiency and trust, and now we are thrilled to partner with investors who understand the disruptive potential of AI in transforming the insurance industry.
“This funding enables us to double down on our investment in AI-native services and to help our agency partners scale, optimise their operations, and deliver the superior customer experiences their clients expect.”
Benhamou Global Ventures managing partner Eric Benhamou said: “COVU is pioneering the future of insurance servicing by blending AI-driven insights with a human touch. COVU is a perfect example of BGV’s Enterprise 5.0 investment strategy.
“We believe their model is key to unlocking the next phase of growth in the industry, and we are excited to support COVU as they lead this transformation.”
Earlier in 2024, COVU announced the appointment of Don Looman as the new chief operating officer.
