Digital-native TPA Reserv raises another $20m in funding
Digital-native TPA Reserv has sealed US$20m in Series A financing to expand its Generative AI claims data analysis tool.
The latest capital raise is co-led by prolific investors Altai Ventures and Bain Capital Ventures, and also features participation from 8VC, Outpost Ventures, Convex Group, AXIS Capital, Anthemis Ventures and Arch Capital Group. It comes less than 15 months after the New York-based insurtech announced an US$8m seed funding round.
Reserv’s technology allows insurers to reduce the time it takes to process property and car insurance claims. It has grown annual recurring revenue (ARR) by a factor of more than 50 in the past year alone, thanks to Gen AI tools that assist users with the automation process.
It now employs more than 70 people across the US and UK with clients from a broad church of insurance verticals – including P&C, commercial, auto, general liability and even medical malpractice. It will use the funding raised in its Series A round to double down on its recent successes, and pursue accelerated growth.
Reserv ‘one of the fastest growing insurtech startups’
"Insurance carriers are realising that a TPA using modern technology can deliver outsized benefits relative to TPA incumbents burdened by legacy home-grown software," says CJ Przybyl, Co-Founder and CEO of Reserv.
"We are enabling the best talent in the industry to focus on the customer experience while leveraging AI to ensure a consistent and scalable organisation."
Matt Harris, Partner at Bain Capital Ventures, adds: "Reserv is one of the fastest growing insurtech startups we have seen at this stage – they are an example of launching a startup at the right time, in the right space, with the right partners, and with the right team.”
Oleg Ilichev, Managing Partner at Altai Ventures, continues: "It is hard for an insurtech startup to build a modern TPA from scratch. This requires significant industry knowledge, a combination of highly experienced claims experts and technology leaders, and a subset of forward-thinking initial customers to train the models and iterate on operational frameworks. We believe Reserv has achieved this and, as a result, has created a significant moat. We are excited to work alongside the Reserv team on this next phase of growth."
