COVU, an AI-native leader in insurance customer management and risk advisory, announced that it has increased its Series A to $22 million after successfully hitting key milestones, bringing its total funding to $32 million.
Originally set up as milestone-based financing, it was expanded to $10 million due to strong investor demand and became oversubscribed. The funding round was led by Benhamou Global Ventures (BGV), the lead investor from COVU’s initial Series A, with True Global Ventures (TGV) participation as a new investor. Along with this funding, COVU has secured access to additional venture debt, further strengthening its financial position to scale AI innovation and expand its services for insurance agencies and partners.
This announcement follows COVU’s previously announced $12.5 million Series A. And the company is now in the process of securing over $30 million in additional debt financing to scale its platform further.
As AI transforms industries, COVU believes the future of insurance is not AI or humans alone. And in an industry where licensed professionals and agencies play a critical role, AI must be a collaborative force, empowering agents and brokers rather than replacing them.
This funding round comes on the back of COVU, which grew 3-4x last year, launched its AI capabilities, and has already closed 1 out of 3 customer cases without human intervention. And with this investment, COVU will:
— Expand its AI-native roll-up and marketplace business, creating more opportunities for agencies and brokers to leverage AI for smarter customer management.
— Enhance AI automation capabilities, driving even greater operational efficiency and faster case resolution, all while maintaining human oversight where it matters most.
— Strengthen partnerships within the insurance ecosystem, ensuring that agencies and licensed professionals continue to play a pivotal role in risk management and customer service.
KEY QUOTES:
“We believe the future of insurance is in collaboration between AI and human expertise. Insurance is not just about transactions—it’s 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.”
– Ali Safavi, Co-Founder and CEO of COVU
“With the insurance sector undergoing rapid Digital transformation, COVU is at the forefront of leveraging artificial intelligence to augment human expertise rather than replace it. By automating routine tasks, offering proactive risk assessments, COVU helps agents focus on customer relationships while improving operational efficiency.”
“We see AI as a powerful enabler for financial and insurance professionals rather than a threat to their roles. COVU is transforming the insurance industry by allowing agents to harness AI-driven insights, automate administrative work, and provide truly personalized services. This aligns perfectly with our vision of investing in high-growth AI companies led by experienced entrepreneurs.”
– Dušan Stojanović, General Partner at True Global Ventures
“From the start, we believed in COVU’s ability to lead the AI-native revolution in insurance. Their ability to scale AI-driven automation while maintaining a deep commitment to the role of human expertise sets them apart. We are proud to continue backing their vision.”
– Eric Benhamou, General Partner at BGV
