Coverbase, a San Francisco, CA-based security-first third-party AI procurement and risk platform, has raised $16.5 million in Series A funding, bringing its total funding to $20 million.
Investors
The round was led by Canapi Ventures, with participation from TTV Capital, Pear VC, Valley Ventures, and Founders You Should Know.
Canapi is a B2B software and financial technology venture and growth equity platform investing in early-to-stage companies that offer disruptive alternatives to outdated business models and technologies. Backed by the Canapi Alliance, a network of over 70 leading financial institutions across the United States, Canapi's partners have decades of hands-on experience in financial services.
Coverbase Use of Funds
The company will use the funding to support expansion into new verticals, develop upstream procurement capabilities, and scale Coverbase’s risk-aware procurement platform.
About Coverbase
Founded in 2024 by Clarence Chio and Kao Zi Chong, Coverbase delivers an AI-native procurement platform that empowers Fortune 500s, banks, and security-first organizations to embed risk management into every supplier decision. Focused on security-first procurement and third-party risk management, Coverbase automates low-value procurement tasks, embeds risk and compliance into workflows, and reduces time spent on procurement. Headquartered in San Francisco, California, Coverbase serves over 40 customers, including Nationwide Insurance, Navy Federal Credit Union, Coinbase, Okta, Bill, Coastal Community Bank, Live Oak Bank, and ServiceTitan.
Funding Details
Company: Coverbase, Inc.
Raised: $16.5M
Round: Series A
Funding Date: November 2025
Lead Investor: Canapi Ventures
Additional Investors: TTV Capital, Pear VC, Valley Ventures, Founders You Should Know
Company Website: https://www.coverbase.com/
Software Category: AI Procurement / Third-Party Risk / Enterprise Risk Management
Source: https://www.coverbase.com/content-library/coverbase-raises-20m-to-bring-ai-enabled-security-to-the-forefront-of-procurement