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Captain, a fintech platform that helps homeowners rebuild six times faster after natural disasters by paying general contractors upfront, emerged from stealth today with $104 million in total financing. In total, Captain secured $100M in debt financing from CoVenture and raised a $4 million seed round backed by NFX, GGV Capital, and Red Swan to accelerate the deployment of capital to contractors.
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Homeowners impacted by natural disasters are often displaced for months at a time while their homes are repaired. For storms like Hurricane Katrina or Sandy, the average primary recovery period is 14 months, with smaller storms still requiring up to five months for repairs and financing.
Captain helps homeowners get their repairs completed up to six times faster (30 days compared to 180 days) after natural disasters by advancing money to their contractors to pay for materials, labor, 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.
“Growing up in Kentucky, I saw firsthand the devastation natural disasters such as hail storms and tornadoes brought to surrounding communities, and it's the reason I created Captain,” said Captain CEO and Founder Demetrius Gray. “As the largest and only pool of capital in the U.S. to buy insurance claims, we're on a mission to get families back into their homes faster by directing the necessary funds to the relevant groups — up to six times faster than before.”
“After a storm hits, there's nothing we want more than to help those impacted,” said Hunter Travis, President of Renova Roofing and Construction. “Captain helps us do just that by providing payment upfront and enabling us to focus on what we do best without losing time to tedious paperwork. It's a win-win for everyone.”
Since launching, Captain has deployed $5M in under 30 days for the nation's most storm-damaged areas and partnered with 50 contractors throughout the U.S.
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In addition to accelerating the deployment of capital to contractors, Captain 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.
“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,” said Pete Flint, General Partner of NFX, the lead investor of Captain's latest round of funding. “Captain's breakthrough solution benefits policyholders, contractors, and insurers, and we're energized to support their mission.”
With its latest round of funding secured, Captain will spend the coming months preparing for California's fire season by actively recruiting homebuilders and remediation contractors throughout the state, while also working with homeowners, contractors, and insurers in states most impacted by tornadoes and hail. Long-term, Captain is scaling itself and raising additional funding to keep up with climate volatility.
To learn more about Captain, visit http://captainhq.com/
About Captain:
Headquartered in San Francisco, CA, and operations in Louisville, KY, Captain provides capital to communities across the country impacted by natural disasters. Its unique approach to storm recovery ensures policyholders get their repairs done after natural disasters by advancing money to their contractors to pay for materials, labor, and fees associated with repairs — all without having to work with their insurers. Captain was founded by meteorology entrepreneur Demetrius Gray, and is backed by leading venture capital firms NFX, GGV Capital, Max Ventures, and Red Swan Ventures. For more information about Captain, visit http://captainhq.com/
— WebWireID286954 —
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.