Coverwatch Announces $4.5M Inception Round
CoFound is proud to lead the inception round for Coverwatch, an AI-native specialty insurance brokerage.
We’re thrilled to announce that CoFound is leading the $4.5M inception round in Coverwatch, joined by our friends at Restive Ventures, Manresa Ventures, Kfund, Liquid 2 Ventures, Movi Collective, Prompt Capital and a group of insurance angels.
Coverwatch is an AI-native specialty insurance brokerage built to serve complex industries where business risk is fundamentally mis-priced.
Specialty insurance (aka. Excess & Surplus) is the wild west of the insurance industry. It covers the complex, hard-to-place, and idiosyncratic risks that standard carriers won’t touch. And because it sits outside the normal regulatory rate-filing structure, pricing is opaque, inefficiency is rampant, and businesses are systematically over-paying.
The traditional broker sits at the center of this dysfunction. Their value proposition is network access: carrier appointments, relationships, and a lot of paper-shuffling. The business owner submits a stack of documents, waits weeks for quotes, and accepts whatever comes back because they have no benchmark, no visibility, and not alternative options.
Thriving businesses deserve better. They deserve coverage priced to their actual risk profile. They deserve transparency into what they’re buying and why. And they deserve to spend their time building their business, not drowning in renewal cycles and follow-up hell. By combining AI with deep integrations into industry systems-of-record, Coverwatch saves clients upwards of 40% a year in annual insurance premiums.
We’re excited to run it back with Kevin Wu who previously founded a healthcare startup that helped SMBs access better supplier pricing. Kevin is joined by Miquel Llobet, an ex-YC founder who ran a HOA-rollup startup and understands the operational complexity of serving asset-heavy, relationship-driven industries. And by Wilmer Yan, the youngest AI staff engineer who helped scale a Sydney-based healthcare unicorn startup.
Our prior history with Kevin gave us the opportunity to become an early thought partner to the team. We gained firsthand appreciation for the team’s extreme dedication, values-alignment, and execution velocity. The founding team spent months collaborating closely, iterating rapidly toward product-market fit. We are thrilled to join Coverwatch on their journey and lead their inception round.
If you run a business in a complex industry and you’re paying insurance premiums that feel disconnected from your actual risk, reach out to the Coverwatch team. Their savings are real and the process is extremely fast.