InsureTech Platform Secures $7.3 Million in Venture Funding
REIN, an insurtech company offering a flexible, data-driven platform designed to create usage-based insurance products, closed $7.3 million in venture funding capital secured from investors Liberty Mutual Strategic Ventures and Kiplin Capital. Individual and family office investors for the round include Jason Griswold (founder, Brown Aviation Lease), Christopher Ellis (managing director at AvPro, Inc), Bert Roberts (former CEO of MCI), Steve Rabbitt (former founder/CEO at The Registry), and Anderson Bell (senior executive, AvPro, Inc.).
The REIN platform is designed to use unstructured business data to better understand risk, specifically the emerging risks linked to continued technological advancement within mobility, robotics, and online ecosystems. According to the company, users can better adapt to changing customer behavior, and the unprecedented demand for speed and simplicity in insurance products, while bringing those products to market faster.