Tech-focused TPA Reserv raises $125m in Series C round

Reserv, a tech-enabled third-party administrator (TPA), has raised $125m in a Series C funding round to enhance AI-powered insurance claims.

The funding round was led by KKR, with existing backers Bain Capital Ventures and Flourish Ventures also taking part alongside selected partners and clients.

Set up in 2022, the company provides TPA services and technology to around 200 insurers, corporate captives, managing general agent (MGAs) and brokers.

According to the company, annual recurring revenue has reached $100m as it expands its platform.

Reserv has a workforce of more than 500 claims adjusters and has increased its claims handling capacity by more than two times each year.

The new funding from funds and accounts managed by KKR is expected to support further increases in claim capacity, from 500,000 complex claims a year at present to 30 million over the next four years.

It said this would create capacity to handle and automate a significant share of the property and casualty market in non-field-based commercial claims.

The company’s Reserv Glance platform allows customers to transfer historical and open claims of any scale into a single database.

It then applies fully explainable AI to review and respond to critical claims, while expanding both human-led and automated workflows.

The company said it operates in a “post-AI” environment, where the latest AI tools are immediately production-ready and integrated into the platform.

Reserv co-founder and CEO CJ Przybyl said: “We started this company to prove how seamless claims processing could be if technology wasn’t the bottleneck – with ongoing feature evolution instead of constant system overhauls. And our focus is not just on claims processing tools, but automation of the entire organisation.

“Reserv has now reached a scale – in claims processing capacity, technology velocity, data accumulation and people transformation capabilities – where we can automate even the most complex claims.”

In September 2025, Reserv announced its oversubscribed series B round with an additional $16m raised – bringing the total Series B round to $41m.