Captain, a FinTech that helps homeowners rebuild after natural disasters, has emerged from stealth with $104m in total financing.
In total, Captain secured $100m in debt financing from CoVenture and raised a $4m seed round backed by NFX, GGV Capital, and Red Swan to accelerate the deployment of capital to contractors.
Homeowners impacted by natural disasters are often displaced for months whilst their homes are repaired, Captain said. For storms such as Hurricane Katrina or Sandy, the average recovery period is 14 months, with smaller storms still requiring up to five months.
Captain aims to help homeowners get their repairs completed up to six times faster by advancing money to their contractors to pay for materials, labour, and fees associated with repairs.
In doing so, neither homeowners nor contractors need to work with — or wait for — insurance companies to process and approve claims before beginning work. Moreover, policyholders can find trusted contractors already vetted and approved by Captain while ensuring that the cost to homeowners won’t exceed their deductible.
In addition to accelerating the deployment of capital to contractors, Captain said it will use the money to support company growth, aiming to expand the company’s sales and engineering teams, including hiring key positions such as vice president of engineering, head of growth, and head of talent.
Pete Flint, general partner of NFX, said, “As natural disasters increase in both intensity and frequency due to climate change, homeowners impacted by storms need solutions that help them return to their homes as fast as possible. Captain’s breakthrough solution benefits policyholders, contractors, and insurers, and we’re energised to support their mission.”
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