The funding round was spearheaded by IA Capital Group and saw enthusiastic participation from a consortium of esteemed investors, including Blue Bear Capital, Gallatin Point Capital, Generation Space through Seraphim Space Investment Trust PLC, Avanta Ventures, Red Dog Capital, DNX Ventures, Robert Glanville, and Jonathan Crystal.
Established in 2016, Delos Insurance Solutions has made a name for itself by harnessing cutting-edge wildfire science and satellite imagery technologies to provide invaluable home insurance coverage. This endeavor has been particularly impactful in regions where traditional insurance options are limited, offering homeowners a lifeline in the face of unpredictable natural disasters.
Currently, Delos Insurance Solutions is operational in the dynamic and fire-prone state of California. The company’s policies are underwritten by two prominent entities, namely Homesite Insurance Company and Lloyd’s of London, further enhancing the credibility and reach of its offerings.
This latest injection of capital represents a significant boost for Delos Insurance Solutions, enabling them to expand their footprint and continue their mission of providing innovative and essential insurance coverage to homeowners in regions vulnerable to wildfire threats. The involvement of a diverse group of investors underscores the industry’s recognition of Delos’ pioneering approach and its potential to reshape the insurance landscape.
Speaking about the fund raise, Delos CEO and co-founder Kevin Stein explained: “This new funding round underscores Delos’ commitment to the California homeowners’ insurance marketplace and substantiates the success of our vertically integrated strategy. The significant growth of our homeowners’ insurance product over the past 12 months, combined with the confidence of our investors, helped us secure funding in a difficult environment. It enables us to write even more homeowners insurance policies through our independent agent network and partner carriers, who offer our policy in regions where they don’t write.”
“We are impressed by Delos’ success and growth trajectory in this incredibly challenging California wildfire insurance market,” said Matt Perlman, partner at IA Capital. “Delos provides homeowners with a creative and viable solution to the persistent problem of insuring homes in areas under threat of wildfire. We are pleased to provide further support to help fuel their expansion in California and beyond.” – .
Vaughn Blake, partner at Blue Bear Capital, commented: “The home insurance market in California is broken and while wildfire risk isn’t going anywhere anytime soon, neither are Californians. Delos leverages a depth of understanding in data-modeling, machine learning, and wildfire behaviour that traditional markets currently don’t possess, all in the service of writing coverage.”
He added: “Blue Bear is excited to partner with Kevin, Shanna, and the rest of the Delos team as they face the wildfire problem head-on, with a data-driven, solutions-oriented approach.”