Insurtech Corvus secures $31m funding

Insurtech startup Corvus has sold shares worth around $31 million in a $33 million investment round, according to a US Securities and Exchange (SEC) filing.

Corvus was founded by Phil Edmundson in Boston in 2017 after he spotted a market opportunity for better technology to reach commercial brokers. In February 2018 Corvus raised its first outside funding with a $4 million seed round led by Bain Capital Ventures, and in April 2018 Corvus launched its first product, Smart Cargo Insurance, with Argo Insurance Group as the primary financial risk-taker.

In June 2018 Corvus launched Corvus Smart Cyber Insurance, with Hudson Structured its primary risk-taking partner, and in November the same year Corvus raised a $10 million A round led by .406 Ventures and Hudson Structured. Bain Capital Ventures returned for a follow-on investment from their seed round.

In March 2019 Corvus launched its excess offering, Smart Cyber Excess, and in July 2019 it launched Smart Cargo Cyber.

In August 2019 it launched Smart Tech E&O, a data-enabled Tech E&O and cyber liability policy. The company opened offices in Los Angeles, Dallas, Atlanta and Chicago in 2019.