Tint raises $25 million
Tint, the insurance startup working with platforms to embed insurance products, has raised $25 million 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 ~$30 million.
Founded in 2018 by former Turo employees Matheus Riolfi and Jérôme Selles, Tint provides the infrastructure and “easy-to-use technology” that allows tech platforms to create protection products for their customers. Last month, the startup partnered with CitizenShipper to create a protection plan for pet owners shipping their pets. This isn’t an insurance product and that’s one of the advantages Tint claims to offer – it enables 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 is a licensed P&C producer and it works with Deel, Guesty , Outdoorsy, Neighbor, and Riders Share . 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.
“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. 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.” – Matheus Riolfi, co-founder and CEO at Tint.
“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.” – Amias Gerety, Partner at QED Investors.