We are excited to announce our lead investment in the Series A round of COVU, which raised $12.5M in a combination of equity and debt financing. The round included participation from ManchesterStory and Markd, along with other existing and new investors, demonstrating strong support for COVU’s mission to empower insurance agencies with advanced technology and comprehensive support.
This funding marks a significant opportunity for insurance agencies looking to enhance their services. COVU is dedicated to helping agency partners overcome operational challenges and elevate customer success through its innovative AI platform.
BGV initially invested in COVU (formerly known as Vero) during its seed round in June 2022. Since then, as we observed the evolving industry and the evolution of AI technology, it became clear that COVU is well-positioned to transform insurance services.
Today, many insurance products are still distributed through small to mid-size agencies that rely on outdated IT infrastructure. The relationship between agents and policyholders is often built on personal trust, making it difficult to disrupt traditional models. However, many of the back-end and support functions performed by these agencies can be outsourced, aggregated, and automated.
COVU’s leadership team brings the right experience and caliber to scale this business successfully. We are confident that their expertise, combined with their innovative platform, will position COVU as a leader in this space.
Finally, the company’s business model of automating agencies’ operations is compelling, supporting both top-line and bottom-line growth while driving significant value creation. With this new capital, COVU will expand its operations, further innovate its platform, and accelerate growth in key markets.
We are thrilled to support COVU’s mission to blend AI technology with human support, creating a seamless customer experience that has the potential to revolutionize the insurance industry.
