Tech-enabled TPA Reserv raises $25 million Series B to support 'rapid scaling'

By David Bull

June 4 - (The Insurer) - New York-based Reserv has completed a $25 million oversubscribed Series B funding round led by Flourish Ventures it said will support its “rapid scaling” as a tech-enabled third party administrator (TPA).

In a statement confirming the raise, the company said it is experiencing “hypergrowth” and that the round also included Accenture Ventures along with participation from BCV and Altai Ventures. It takes total funding for Reserv to $55 million.

The latest funding will be primarily used to build enhanced claims automation models, accelerated integrations and develop net-new non-claim modules leveraging the “vast” dataset of Reserv’s TPA arm, it added.

The company claims to combine the best of a traditional TPA’s characteristics – including experienced adjusters, managers and scale – with flexible, modern technology enabling better performance and reporting.

Reserv, which was founded in 2022, has achieved triple-digit year-over-year revenue growth for two consecutive years, said the statement.

It has grown to more than 350 employees in the U.S. and UK and now supports more than 80 MGA clients and 20 carriers across most P&C lines, including commercial auto, business owners’ policy, general liability, professional lines and medical malpractice.

The statement said that in addition to using the latest innovative technology such as agentic AI, automated communications and a tight feedback loop, Reserv has built “transformative capabilities unmatched by others.”

It said that the company’s automated rollover technology allows it to ingest data from legacy TPAs and incumbent systems, automatically mapping it to the Reserv platform, cutting the typical data migration timeline from over nine months to under two weeks.

“Executives hear a lot of noise around AI. 'The platform should be AI native' or 'an AI sidekick is more optimal', 'focus on communications', 'focus on compliance',” said CJ Przybyl, CEO and co-founder of Reserv.

“You won't often hear us speaking so absolutely. We scale quickly, assess our weaknesses, and build solutions to solve our problems in a direct partnership with our customers.”