The round was led by Canapi Ventures, following a prior $3.5 million seed round, bringing the company's total funding to $20 million. This investment will fuel Coverbase's expansion into new verticals and scale its risk-aware procurement platform beyond third-party risk management into the broader procurement lifecycle, including vendor sourcing, intake, contract management, and purchase order creation. The round includes participation from both existing and new investors, including Fika Ventures, TTV Capital, Pear VC, Valley Bank, and Founders You Should Know, underscoring strong conviction in Coverbase's vision and accelerating momentum.

Founded in 2024, Coverbase delivers the industry's only AI-native procurement platform that empowers Fortune 500s, banks, and security-first organizations to embed risk management into every supplier decision. By transforming procurement from an operational burden into a strategic advantage, Coverbase customers are achieving a 90-92% reduction in procurement workloads - saving an estimated $180 million in man-hours - and dramatically accelerating the adoption of new technologies.