CoverGo, an AI-native InsurTech platform serving health, life and P&C insurers, has secured $6m in the first close of its Series B1 round to speed up worldwide uptake of its technology.
Betatron Venture Group (BVG) led the investment, which also drew backing from a mix of returning and new investors.
BVG focuses on B2B technology businesses that are reshaping long-established sectors such as insurance, and now sits alongside a group of international venture capital firms and strategic backers supporting the company. The latest round takes CoverGo’s total funding to more than $30m.
CoverGo plans to channel the capital into building out its AI-native insurance functionality and scaling its go-to-market efforts. The company aims to help insurers overhaul and eventually retire legacy core systems, while introducing AI agent-driven automation throughout their businesses.
Since closing its Series A in 2022, CoverGo has grown revenue tenfold and has also achieved EBITDA breakeven. It currently works with 25 institutional clients spread over 15 countries across the Americas, Asia, Europe, the Middle East and Africa. Among its customers are major insurance names including AXA, Bupa, Generali, Sun Life, Prudential, Blue Cross, MSIG and Marsh.
The company positions itself as one of the leading global AI insurance platforms, giving insurers a flexible, scalable and cost-efficient route to digital transformation. Its AI agents operate across the insurance value chain, and a rising number of insurers worldwide use the platform to digitise and automate work spanning omnichannel distribution, policy servicing and claims handling.
CoverGo CEO and founder Tomas Holub said, “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.
“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 Venture Group managing partner and CEO Matthias Knobloch said, “CoverGo combines deep insurance expertise with a next-generation platform that addresses the complexity of insurance transformation.
“Its client adoption, international reach, and progress toward profitable growth provide a strong foundation for its next stage of development. We are excited to support Tomas and the team as they scale the business and help insurers embed AI into their everyday operations.”
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