Reserv, a technology-driven third-party administrator (TPA), recently announced the successful extension of its Series B funding round to meet overwhelming investor demand. This extension resulted in an additional $16 million being raised, bringing the total funding for this round to a significant $41 million. The company has experienced impressive growth over the past six months, which has been a major factor in attracting new investors and meeting a rising demand for its offerings.
The latest infusion of capital was primarily led by QBE Ventures, alongside new strategic partners and existing investors, including Bain Capital Ventures and Flourish Ventures. This collaborative investment approach reflects a strong commitment from both new and current stakeholders who share a vision for Reserv’s future. The funds raised through this extended round will be directed toward accelerating development efforts focused on artificial intelligence (AI) orchestration at scale. This initiative aims to establish a new standard for intelligent claims operations and management within the industry.
QBE’s involvement illustrates a shared belief in the need to modernize the claims process. By teaming up with Reserv, QBE plans to combine innovative data architecture with decades of claims experience and cutting-edge AI technology. This combination is designed to significantly improve outcomes not only for insurance partners but also for claimants and the teams handling the claims. The partnership will enable QBE to make use of Reserv’s unique patent-pending claim rollover technology and advanced software platform tools. Together, they will also explore complex claim areas in the United States that are ready for transformation.
This expansion of the Series B funding round follows a period of remarkable growth for Reserv. The company has established itself as a trusted partner in the claims process, serving over 100 clients. With an annual recurring revenue (ARR) that has already exceeded $75 million and a workforce of more than 500 employees worldwide, Reserv is uniquely positioned to provide effective claims solutions that cater to insurance carriers of all sizes.
KEY QUOTES:
“We are excited to partner with QBE to expand our global footprint and proposition. Technology and development tools have advanced rapidly since we started Reserv three years ago. We are fortunate to have a unique software stack, data model, and scaled operating model that is enabling us to substantially outpace the incumbent TPA and software platform providers. Our software is now becoming the gold standard in claims for some of the world’s largest carriers.”
CJ Przybyl, CEO of Reserv
“We’ve been looking for an end-to-end insight engine to deliver better claims outcomes for QBE customers and partners. Reserv stood out with their modern claims platform built by, and for, claims professionals. We’re looking forward to bringing our industry expertise and capabilities together to lead the market.”
Todd Greeley, Chief Claims Officer for QBE North America
“Partnering with Reserv aligns our ambition to our vision to be an innovative risk partner. What makes Reserv outstanding is their thoughtful and meaningful deployment of AI at scale across the entire lifecycle of claims management. Together, we are accelerating a future where claims are faster, smarter, and more reportable than ever before.”
James Orchard, CEO of QBE Ventures
