COVR Global, a London-based InsurTech startup focused on revolutionising insurance claims processing, has secured $2.5m in seed funding to accelerate the development of its AI-powered decision engine.
The round was led by venture firm MTech Capital, with additional backing from B Capital. The funds are expected to support the next phase of product innovation and international growth, according to InsurTech Insights.
Launched in 2024, COVR Global is developing technology that uses artificial intelligence, machine learning and embedded decision logic to streamline the insurance claims lifecycle. Its decision engine enables insurers to deliver real-time decisions on coverage and liability, offering guidance on how best to handle each claim.
Operating in markets including the UK, Spain, Japan and Australia, the firm claims it already partners with some of the world’s largest insurers. The company’s platform is designed to enhance both the speed and accuracy of claims settlements by analysing complex and unstructured data at scale.
The fresh capital will be used to enhance product development and further extend COVR’s global reach. The firm is positioning itself as a leader in AI-powered insurance infrastructure.
Kevin McLoughlin, partner and co-founder at MTech Capital, said, “We’re at an early stage of the transformation of the insurance industry by AI. Clearly AI — with its core strengths of analysing, classifying and summarising unstructured data — is a game changer for more effective claims settlement. We believe Markus and the senior executives he has assembled are the most experienced team in the market today for claims technology. We’re very excited by the potential we see for COVR to become a claims powerhouse with a global footprint.”
This marks COVR Global’s first disclosed funding round since its founding.
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