Last Reserv valuation
$1B
Series C · May 2026
Last Reserv funding round
$125M
Series C · May 2026
Cumulative funding Reserv raised
$209M
across 6 funding rounds
Key investors in Reserv
Bain Capital Ventures
Flourish Ventures
Altai Ventures
Arch Capital Group
AXIS Capital
8VC
About Reserv
Reserv is a New York-headquartered insurtech firm optimizing property and casualty claims workflows. Its platform automates triage, assignment, and payments for managing general agents and carriers, integrating with Guidewire and Duck Creek. Deployed by insurers handling billions in premiums, it reduces cycle times through AI-driven insights and vendor networks.
Founded
2022
HQ
New York City, NYWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$1B (May 2026)
Reserv Valuation
Reserv is currently valued at $1B, based on its Series C in May 2026.
The $125M round was led by KKR, with participation from Flourish Ventures and Bain Capital Ventures.
Reserv valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2026 | Series C | $1B |
Reserv Funding History
Reserv has raised a total of $209M across 6 funding rounds.
Reserv's first fundraising round was a $8M seed round in July 2022. The most recent completed round was a $125M Series C in May 2026.
Reserv funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2026 | Series C | KKR (lead); Flourish Ventures; Bain Capital Ventures | $125M | $1B | Bain Capital led a $136 million Series B financing round for Defense Unicorns on January 13, 2026, achieving unicorn status with a post-money valuation exceeding $1 billion. The round included participation from Ansa Capital, Sapphire Ventures, Valor Equity Partners, AVP, Uncorrupted Ventures, and David H. Petraeus. The investment supports Defense Unicorns' mission to build the software backbone for the Department of War through airgap software delivery for national security mission systems. Growth is characterized as rapid and profitable, aligning with Bain Capital's Tech Opportunities fund focus on high-growth technology platforms. Defense Unicorns leads in airgap software delivery for national security, enabling secure mission systems operations. |
| Sep 2025 | Series B | QBE Ventures (lead); Flourish Ventures; Bain Capital Ventures | $16M | - | Reserv is a tech-enabled third-party administrator (TPA) specializing in AI-driven claims management for the insurance industry, supporting over 100 clients including MGAs and carriers across property and casualty lines. Founded in 2022, the company provides a modern software platform with data models and AI orchestration to streamline claims operations, outpacing legacy providers. On September 16, 2025, Reserv extended its oversubscribed Series B round by $16 million led by QBE Ventures, bringing the total to $41 million. Existing investors Bain Capital Ventures and Flourish Ventures participated pro-rata, alongside new strategic partners. This followed an initial $25 million Series B tranche in June 2025 led by Flourish Ventures with Accenture Ventures, pushing total funding to $55 million. At the time of the extension, Reserv reported annual recurring revenue exceeding $75 million, employed over 500 staff globally, and served more than 100 clients. The funds will accelerate AI development, global expansion, and partnerships, particularly with QBE in North America. Reserv's growth reflects insurtech trends toward automation, with its platform enabling faster claims processing, better data insights, and improved customer experiences for insurers. |
| Jun 2025 | Series B | Flourish Ventures (lead); Accenture Ventures; Altai Ventures; Bain Capital Ventures | $25M | - | Reserv, Inc. is a tech-enabled third-party administrator (TPA) founded in 2022, specializing in property and casualty (P&C) insurance claims administration. It combines licensed adjusters with proprietary AI-driven tools, including claim severity models, summarization, automated data ingestion, and analytics to streamline processing, reduce migration timelines from months to weeks, and improve efficiency for carriers, managing general agents (MGAs), and policyholders. The company completed a $25 million oversubscribed Series B funding round on June 4, 2025, led by Flourish Ventures with participation from Bain Capital Ventures, Altai Ventures, Accenture Ventures, and others including 8VC and Convex, bringing total funding to $55 million. Funds will support building enhanced claims automation models, accelerating platform integrations, developing new non-claims modules, expanding into additional insurance products, and growing distribution through partnerships. Reserv has demonstrated strong traction, serving over 80 MGAs and 20 carriers/captives across lines like commercial auto, general liability, professional lines, medical malpractice, and business owners’ policy. In the insurtech space, Reserv positions itself as a next-generation TPA disrupting legacy systems with data-driven, AI-native infrastructure. Investors highlight its rapid scaling, customer partnerships, and potential to enhance adjuster productivity and claimant experiences amid industry-wide AI adoption. The round aligns with its hypergrowth phase, including joining Accenture Ventures’ Project Spotlight for enterprise connections. |
| Oct 2023 | Series A | Altai Ventures (lead); Bain Capital Ventures (lead); AXIS Capital; Anthemis; 8VC; Outpost Ventures; Convex Group; Arch Capital Group | $20M | - | Reserv is an insurtech startup and tech-enabled third-party administrator (TPA) specializing in AI-driven insurance claims processing, using generative AI and large language models to make critical claim information available in real-time, reduce cycle times for property and auto claims by 1.6x to 2.6x, and provide data advantages for managing general agents (MGAs) and insurance carriers through automated workflows, bordereau generation, analytics, and anomaly detection. Reserv supports claims handling across various lines including property, auto, general liability, and more, with technology that structures unstructured data, reconciles financials, and accelerates data migration from legacy systems. On October 3, 2023, Reserv announced the close of its $20M Series A funding round co-led by Altai Ventures and Bain Capital Ventures, with participation from 8VC, Outpost Ventures, Convex Group, AXIS Capital, Anthemis Ventures, and Arch Capital Group. The company reported growing its annual recurring revenue (ARR) over 50x in the past year leading up to the Series A, enabling rapid expansion of AI-enabled claim analysis tools. Subsequent rounds include a Series B extension raising an additional $16M (total $41M) with ARR exceeding $75M and a $25M Series B in June 2025 led by Flourish Ventures bringing total funding to $55M, reflecting hypergrowth with triple-digit YoY revenue growth, over 350 employees, 80+ MGA clients, and 20 carriers. |
| Jul 2023 | Undisclosed stage | - | $15M | - | Reserv is a tech-enabled third-party administrator (TPA) specializing in property and casualty insurance claims management, combining experienced adjusters with AI-driven technology for faster processing and better reporting. The company supports over 100 clients including MGAs and carriers across lines like commercial auto, general liability, and medical malpractice. No funding rounds for Reserv were identified in 2023. Reserv completed a $20M Series A round with participation from Altai Ventures, Bain Capital Ventures, 8VC, and others to expand generative AI claims tools. In June 2025, Reserv raised a $25M Series B led by Flourish Ventures, with Bain Capital Ventures, Altai Ventures, and Accenture Ventures, bringing total funding to $55M at that time. The Series B was later extended with an additional $16M led by QBE Ventures, reaching $41M total for the round. As of September 2025, Reserv reported ARR exceeding $75M, over 500 global employees, and rapid adoption of AI tools for claims operations. The company achieved triple-digit year-over-year revenue growth for two years prior and grown ARR over 50x in the year before its Series A. |
| Jul 2022 | Seed | Altai Ventures (lead); Bain Capital Ventures (lead); Runyon Design; AXIS Capital; Jon McNeill; Arch Capital Group; Ahmed Khaishgi; Rick Taketa | $8M | - | Reserv is a digital-native third-party administrator (TPA) that develops and sells software to power claims adjusters in the property and casualty (P&C) insurance sector. The company leverages modern systems for data ingestion, automated coverage decisioning, and dynamic customer experiences to optimize P&C claims processing. Founded in 2022, Reserv targets the $250B U.S. TPA market, which sources describe as largely undisrupted. On July 26, 2022, Reserv emerged from stealth and closed an $8M seed funding round led by Altai Ventures and Bain Capital Ventures. Additional participants included Arch Capital Group, AXIS Capital, Runyon Design, and angels such as Rick Taketa, Jon McNeill, and Ahmed Khaishgi. The funding supports Reserv's mission to reinvent claims adjusting through technology and AI innovations. Subsequent rounds include a $20M Series A co-led by the same lead investors and a $25M Series B in June 2025 led by Flourish Ventures, bringing total funding to $55M. |
Who has invested in Reserv?
16 investors have backed Reserv across its funding rounds, including Bain Capital Ventures, Flourish Ventures, Altai Ventures, Arch Capital Group, AXIS Capital and 8VC.
Lead investors include KKR, QBE Ventures, Flourish Ventures, Altai Ventures and Bain Capital Ventures.
Reserv Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 5 | Lead | Jul 2022 | |
| San Francisco, CA | 3 | Lead | Jun 2025 | |
| Westport, CT | 3 | Lead | Jul 2022 | |
| United States | 2 | Participant | Jul 2022 | |
| Cincinnati, OH | 2 | Participant | Jul 2022 | |
| New York City, NY | 1 | Lead | May 2026 | |
| New York City, NY | 1 | Participant | Jul 2022 | |
 Sydney | 1 | Lead | Sep 2025 | |
| San Francisco, CA | 1 | Participant | Jun 2025 | |
| Boston, MA | 1 | Participant | Jul 2022 | |
 London | 1 | Participant | Oct 2023 | |
| San Francisco, CA | 1 | Participant | Oct 2023 | |
| San Francisco, CA | 1 | Participant | Oct 2023 | |
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Start Free TrialReserv Competitors
Reserv competitors include listed companies like Saga and CS Disco, and private ones like Assembled, Fumi Technology, Splashtop and UST.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Francisco, CA | Private | - | - | $1B | - | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Fumi Technology |  Hunan | Private | - | - | $1B | - |
| San Jose, CA | Private | $55M | - | $1B | 18.2x | |
| Los Angeles, CA | Private | - | $82M | $1B | - | |
| United Kingdom | Publicly listed | $886M | $133M | $1.2B | 1.8x | |
| United States | Publicly listed | $157M | ($44M) | $273M | 1.0x |
Reserv Public Comps
Reserv is still privately-owned, but its public comps include Sagicor Group Jamaica, Anadolu Hayat Emeklilik, Helia Group, Heritage Insurance, International General Insurance, Anadolu Sigorta, John Hancock, Capricorn Group, Chesnara and AgeSA.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $558M | $153M | 1.8x | - | 6.7x | - | |||
| $769M | $170M | 1.1x | 1.5x | 4.9x | - | |||
| $288M | $268M | 3.5x | 4.7x | 3.7x | - | |||
| $774M | $282M | 0.7x | 0.6x | 2.0x | - | |||
| $525M | $131M | 1.7x | 1.8x | 6.7x | - | |||
| $1.9B | $361M | 0.2x | 0.1x | 0.8x | - | |||
| $106M | - | 12.5x | - | - | - | |||
| $342M | - | 2.6x | - | - | - | |||
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Common questions about Reserv
| When was Reserv founded? | Reserv was founded in 2022. |
| Where is Reserv headquartered? | Reserv is headquartered in New York City, NY, United States. |
| Is Reserv publicly listed? | No, Reserv is a private, VC-backed company. |
| What is Reserv's valuation? | Reserv was last valued at $1B in its Series C in May 2026. |
| How much funding has Reserv raised? | Reserv has raised $209M across 6 funding rounds. |
| What was Reserv's last funding round? | Reserv's last funding round was a $125M Series C in May 2026, led by KKR. |
| Who are Reserv's investors? | Reserv's investors include Bain Capital Ventures, Flourish Ventures, Altai Ventures, AXIS Capital, Arch Capital Group, KKR, Runyon Design, QBE Ventures, Accenture Ventures, Jon McNeill and 6 others. |
| Which companies are comparable to Reserv? | Companies comparable to Reserv include Assembled, Fumi Technology, Splashtop, UST, Saga and CS Disco. |
See companies similar to Reserv
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="28" height="28" viewBox="0 0 28 28"><rect fill="%23e5e7eb" width="28" height="28" rx="6"/></svg>){kind=small}
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