US insurtech Covu has raised $US12.5 million ($18.51 million) from new and existing investors.  

The business – an “AI-enabled all-in-one platform for insurance agencies” – says the funding will help it expand operations and drive innovation. 

Covu was founded in San Francisco in 2022 by CEO Ali Safavi, Amir Kargar and Tasos Chatzimichailidis. 

Mr Chatzimichailidis was previously Allianz GM of sales operations and transformation in Sydney for almost six years, and briefly QBE director of global sales transformation.  

“This funding enables us to double down on our investment in AI-native services and to help our agency partners scale, optimise their operations and deliver the superior customer experiences their clients expect,” Mr Safavi said.  

Investors include Benhamou Global Ventures, ManchesterStory and Markd. 

ManchesterStory partner Matt Kinley says insurance is “ripe for disruption”. 

“Covu’s technology and approach are perfectly positioned to take advantage of this opportunity,” he said. “Their platform improves operational efficiency for insurers while dramatically enhancing the customer experience.”