(Image source: Tint homepage.)
Tint (San Francisco), an agency platform enabling companies to offer protection to their end-users through embedded insurance products, announced that it has raised $25 million in Series A funding. The round was led by QED Investors (Alexandria, Va.) with participation of existing investors Nyca, Deciens, Y Combinator, and Webb Investment Network. The current round follows a $3.75 million seed round raised in March 2021, bringing Tint’s total capital raised to $30M.
Tint explains its value proposition by asserting that many tech platforms currently are replacing insurers by creating their own protection plans to remove risks that their end-users face. These companies have what might be thought of as unfair advantages over insurers: access to users, tons of data for underwriting, and no additional acquisition costs, a Tint statement says. The end users get their protection directly from the brands they love when they need it.
Despite these advantages, it remains difficult for tech platforms for whom insurance is not their core business to achieve the full potential of their protection products without support, Tint says. The company seeks to solve this challenge by providing the necessary infrastructure and easy-to-use technology that allows tech platforms to create unique ways to protect their customers. The technology provides everything from software to risk capital to compliance, with flexibility to cover unique risks. Tint says 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 reports that it works with 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.
Not about Distribution
“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,” comments Matheus Riolfi, Co-founder and CEO, 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.”
“We believe insurance is critical to driving innovation in our economy,” says Amias Gerety, Partner, QED Investors. “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.”