CoverGo, an AI-native insurance platform, has raised $6m in the initial close of its Series B1 funding round. The round was led by Betatron Venture Group (BVG), with participation from existing and new investors.
The company said the funding will support development of its AI-native insurance capabilities and accelerate its go-to-market expansion, helping insurers modernise and phase out core systems and embed AI agent automation. The size of the final close and the valuation were not disclosed.
CoverGo says its revenues have risen tenfold since its Series A in 2022 and that it has reached EBITDA breakeven. It serves 25 institutional clients across 15 countries in the Americas, Asia, Europe, the Middle East and Africa. Clients named by the company include AXA, Bupa, Generali, Sun Life, Prudential, Blue Cross, MSIG, and Marsh. CoverGo has raised over $30m to date.
"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," said Tomas Holub, CEO & Founder 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."
Matthias Knobloch, Managing Partner & CEO of Betatron Venture Group, said: "CoverGo combines deep insurance expertise with a next-generation platform that addresses the complexity of insurance transformation."
CoverGo provides an AI insurance platform for health, life, and P&C insurers. The platform is designed to help insurers transform digitally, with AI agents across the value chain digitising and automating omnichannel distribution, policy servicing, and claims.
Betatron Venture Group invests in B2B technology companies that are transforming traditional industries such as insurance.
The Series B1 follows CoverGo's Series A in 2022. The company announced the round from San Francisco and Hong Kong.
