Intact Ventures selects Alert Labs as its first portfolio company
Intact Ventures, the ~$200 million VC arm of Intact Insurance that was founded last year, has announced its first investment in Canadian Alert Labs . The two-year-old startup provides cellular-connected sensors that submit alerts to property owners on all things ‘water, temperature and power’ damage prevention. Fun Fact: Canadian insurers spent some $2.6 billion on home repairs as a result of water damage in 2015. And that’s the problem Alert Labs attempts to prevent. Canadian insurer Northbridge Insurance is already hooked as it teamed up with Alert Labs two months ago, announcing a pilot project that aims to help keep homes safer and provide savings to homeowners. “The investments will ultimately enable us to share our products with more customers” – Alert Labs CEO George Tsintzouras. Recall 2017 insurance-related investments here.