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- CoverGo has raised $6 mn in the initial close of its Series B1 funding round, led by Betatron Venture Group, bringing total funding to more than $30 mn.
- The insurtech company has increased revenue tenfold since its 2022 Series A round, reached EBITDA breakeven and secured 25 institutional clients across 15 countries.
- The investment will support AI-native insurance technology, core system modernization and automated workflows across distribution, policy servicing and claims.
Insurtech CoverGo has secured $6 mn in the initial close of its Series B1 funding round, led by Betatron Venture Group (BVG) with participation from new and existing investors. The company plans to use the capital to develop its AI-native insurance platform and expand international sales.
The investment follows a period of growth for CoverGo, whose revenue has increased tenfold since its Series A funding in 2022. The company has also reached EBITDA breakeven and now serves 25 institutional clients across 15 countries in the Americas, Asia, Europe, the Middle East and Africa.
Its customer base includes AXA, Bupa, Generali, Sun Life, Prudential, Blue Cross, MSIG and Marsh. With the latest investment, CoverGo has raised more than $30 mn to support its international expansion.
CoverGo targets insurance core system modernization with AI
CoverGo provides AI-native technology for health, life and property and casualty (P&C) insurance, helping insurers digitize operations and automate processes across omnichannel distribution, policy servicing and claims management.
The new funding will support further development of AI agent capabilities as insurers seek to replace legacy core systems and integrate automation into their existing operations.
Insurance companies realize more than ever that they need to modernize their core systems. CoverGo is uniquely positioned to accelerate their digital transformation and drive efficiencies across the insurance value chain.
Tomas Holub, founder and CEO of CoverGo
“This funding will help us bring our AI-native platform to more insurance businesses globally and accelerate our vision of becoming the operating system powering the world’s most efficient insurers.”
Betatron backs CoverGo’s international insurance technology expansion
Betatron Venture Group joins CoverGo’s existing international venture capital and strategic investors. The investment firm focuses on B2B technology businesses developing software for traditional industries, including insurance.
Matthias Knobloch, managing partner and CEO of Betatron Venture Group, pointed to CoverGo’s insurance expertise, client adoption and international operations as factors supporting the investment.
CoverGo combines deep insurance expertise with a next-generation platform that addresses the complexity of insurance transformation
Matthias Knobloch, managing partner and CEO of Betatron Venture Group
“Its client adoption, international reach, and progress toward profitable growth provide a strong foundation for its next stage of development,” Knobloch said.
