The round was led by QED Investors with participation of existing investors Nyca, Deciens, Y Combinator, and Webb Investment Network. This round follows the company’s $3.75M seed round raised in March 2021 and brings the total capital raised to $30M.
Right now, many tech platforms are replacing insurers by creating their own protection plans to remove risks that their end-users face. These companies have unfair advantages over insurers: access to users, tons of data for underwriting, and no additional acquisition costs. The end users get their protection directly from the brands they love when they need it.
The challenge with this is that it’s incredibly hard for tech platforms that don’t have insurance as their core business to achieve the full potential of their protection products without support. Tint solves this challenge by providing the infrastructure and easy-to-use technology that allows tech platforms to create unique ways to protect their customers. The easy-to-use technology provides everything from software to risk capital to compliance, with flexibility to cover unique risks. Put simply, Tint enables tech platforms to choose how much of the risk they want to keep and how much they’d like to transfer to insurers or reinsurers.
Tint works with leading tech companies including Deel, Guesty, Outdoorsy, Neighbor, Riders Sharen, and CitizenShipper, and has powered policies that have protected millions of users and generated tens of millions of dollars in premium. With this new funding, Tint plans to expand its remote-first team from 20 members to over 100, with a focus on growing its product, engineering, and sales teams. Additionally, Amias Gerety of QED Investors will join Tint’s board of directors.
“We’re living through the biggest transformation in insurance since it was invented, with the potential to affect hundreds of thousands of companies and billions of consumers,” said Matheus Riolfi, Co-founder and CEO at Tint. “Most people think that embedded insurance is about distribution, but the seismic shift comes in the products that reinvent how people consume insurance. As early employees at Turo, we saw an opportunity to launch the infrastructure that will power this revolution. We’re excited to partner with QED and our existing investors to help tech platforms protect their customers with unique insurance products.”
Amias Gerety, Partner at QED Investors said: “We believe insurance is critical to driving innovation in our economy. Tint enables startups to offer insurance and non-insurance guarantees that are essential for customers to adopt new products and experiences that Tint’s partners are building. The team at Tint combines deep experience with an insatiable curiosity and customer focus; and their customer list is already populated by some of the most exciting startups in the world.”
Source: Yahoo Finance
