Corvus has secured $100 million in Series C funding in a round led by global venture capital and private equity firm Insight Partners.
The Next Phase of Corvus Insurance
Today corvids across the country are crowing with exciting news. Corvus has secured $100 million in Series C funding in a round led by global venture capital and private equity firm Insight Partners. The round includes all of our previous institutional investors and brings Corvus’s total amount raised to date to $147 million. See our press release for all the details.
Since our Series B funding round in January of last year Corvus has grown significantly in every respect. We have more than tripled our team, reached significant milestones at the end of 2020 including 10,000 policies written, and by the end of January 2021 we'd reached $120 million in annual premium run rate (APRR). With this momentum under our wings, we’re eager to deploy the new funding to double down on our data science, underwriting and product development, while also further enhancing our digital platform, the Crowbar.
The funding is a validation not only of our growth trajectory but of the unifying idea that our team members, our investors, and our broker partners all believe in: the power of data to build insurance products that result in a safer world. Especially now, as we see hardening of multiple commercial insurance markets (particularly cyber) it’s critical for insurers and brokers alike to deliver added value to clients. We’re already making that possible with detailed risk reports, mitigation services and great digital experiences. We’ll continue to invest and make all of these features and tools more effective.
Importantly, growing our company and our team also enables us to expand upon our mission in a variety of ways. As we remarked around the new year, we’ve been able to use the platform of Corvus for a number of initiatives that make the world a safer place, and look forward to increasing our impact as the company grows. (We’re currently offering free scans for public utilities - learn more here).