Series A4 min read
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.
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