We're excited to announce that we represented Coverbase in connection with its $16.5 million Series A financing round, led by Canapi Ventures, with participation from Fika Ventures, TTV Capital, Pear VC, Valley Bank, and Founders You Should Know.

Coverbase was born out of a frustration that anyone who's worked inside a large, regulated organization will recognize: the vendor onboarding process is slow, manual, and fundamentally broken - and it's getting more dangerous by the day. According to Verizon's 2025 Data Breach Investigations Report, breaches involving third parties doubled year over year, reaching 30% of all incidents. Coverbase is fixing this with an AI-native procurement platform that embeds security, risk, and compliance checks directly into every vendor decision - replacing questionnaires and approval bottlenecks with intelligent, automated workflows.

Founded in 2024 by CEO Clarence Chio (co-founder of Unit21) and CTO Kao Zi Chong (formerly of Stripe's risk engineering team), the company has already signed more than 40 enterprise customers - including Nationwide Insurance, Navy Federal Credit Union, Coinbase, Okta, and ServiceTitan - and delivered an estimated $180 million in procurement person-hours saved across its customer base.

This Series A, combined with the company's prior $3.5 million seed round, brings Coverbase's total funding to $20 million. We're proud to have supported Clarence and Kao Zi on this raise and look forward to watching Coverbase grow.