Coverbase Raises $20M To Bring AI-Enabled Security To the Forefront of Procurement
Coverbase Reduces Procurement Workloads by 90%, Freeing Businesses to Reduce Third-Party Risks and Accelerate the Adoption of New Technologies SAN FRANCISCO, CA, November 20, 2025 — Coverbase , the industry’s only security-first third-party AI procurement and risk platform, today announced the successful close of a $16.5 million Series A financing round led by Canapi Ventures. This follows a prior $3.5 million seed round led by Fika Ventures, with participation from TTV Capital, Pear VC, Valley Ventures, and Founders You Should Know. With this $20 million, Coverbase is expanding into new verticals and scaling 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.