Tint, the platform that aims to empower companies to protect their end-users through embedded insurance products, has raised $25m in Series A funding.
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, Tint said. 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 issue with this, Tint said, is that it is hard for tech platforms that don’t have insurance as their core business to achieve full potential without support. This is the challenge Tint has set out to solve by providing the infrastructure and easy-to-use technology, from software to risk capital, as well as compliance. The company 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.
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.
Matheus Riolfi, co-founder and CEO at Tint, said, “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.
“Most people think that embedded insurance is about distribution, but the seismic shift comes in the products that reinvent how people consume insurance.”
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