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[San Francisco, October 2024] – COVU, Inc., a leader in AI-native services for insurance agencies, today announced the successful completion of $12.5 million in equity and debt financing, as part of the first tranche of its Series A funding round. This brings total funding to date to over $20 million. The funding round attracted investment from prominent investors including Benhamou Global Ventures, ManchesterStory, and Markd, with participation from existing and new investors, showing strong backing for COVU’s mission to empower insurance agencies with cutting-edge technology and support.
This funding signals a new chapter for insurance agencies seeking to elevate their services. With an additional $4 million in debt and equity financing to be unlocked upon reaching key milestones, COVU is committed to helping agency partners overcome operational challenges and strengthen customer relationships.
COVU’s mission is to combine cutting-edge AI technology with human support, creating a seamless customer experience that will revolutionize the insurance sector. This fresh capital will fuel the expansion of COVU’s operations, drive further innovation on its platform, and accelerate growth across key markets.
“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,” said Ali Safavi, Co-Founder and CEO of COVU. “This funding enables us to double down on our investment in AI-native services and to help our agency partners scale, optimize their operations, and deliver the superior customer experiences their clients expect.”
The Impact on Insurance Agencies
COVU is redefining how agencies manage client relationships by combining AI technology with human insights. This approach not only improves operational efficiency but also ensures personalized service for end customers—boosting retention, growing revenues, and fostering trust in the increasingly competitive insurance market.
The funding will enable COVU to further enhance its platform, offering agencies more tools to streamline workflows, improve customer service, and scale their businesses with confidence.
Investor Quotes
Eric Benhamou, Managing Partner at BGV, on COVU’s vision:
“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’re excited to support COVU as they lead this transformation.”
Matt Kinley, Founding Partner at ManchesterStory, added:
“Insurance is ripe for disruption, and COVU’s technology and approach are perfectly positioned to take advantage of this opportunity. Their platform improves operational efficiency for insurers while dramatically enhancing the customer experience. We are proud to be part of their journey.”
Parker Beauchamp, Founder of Markd, shared his enthusiasm for the company’s potential:
“COVU’s innovative approach to combining AI with human intelligence is setting a new standard in insurance servicing. We’re excited to be part of their Series A and look forward to seeing how they continue to redefine what’s possible in the industry.”
The Impact on Insurance Agencies
COVU is redefining how agencies manage client relationships by combining AI technology with human insights. This approach not only improves operational efficiency but also ensures personalized service for end customers—boosting retention, growing revenues, and fostering trust in the increasingly competitive insurance market.
The funding will enable COVU to further enhance its platform, offering agencies more tools to streamline workflows, improve customer service, and scale their businesses with confidence.
About COVU
COVU is a transformative platform designed to revolutionize the insurance servicing industry through AI-native solutions combined with human support. The company is dedicated to enhancing customer experiences and operational efficiency for insurance agencies while providing flexible servicing models to meet the demands of modern consumers.
Contact:
Sheny Plasencia
COVU, Inc.
370 Convention Way
Redwood City, CA 94063
