Led · Equity · Dec 2025

Founded in 2017, Hometap offers a home equity investment (HEI) that provides homeowners with immediate cash in exchange for a percentage of their home’s future appreciation, eliminating the need for monthly payments. The company positions this HEI as the cornerstone of a broader suite of homeowner-focused financial tools designed to ease the costs and complexities of owning a home. In 2022, it introduced the Home Equity Dashboard, a digital platform that helps users track and act on their home-related finances. To date, Hometap has deployed more than $2.3 billion in home equity investments, serving over 22,000 homeowners nationwide. Management emphasizes “homeowner-first” products that address rising costs, maintenance expenses, and uncertain economic conditions. The new capital infusion will fuel further product development, technology enhancements, and educational initiatives aimed at expanding access to flexible equity solutions. Overall, the company is leveraging strong customer satisfaction and sizable transaction volume to scale its offering in a market pressured by affordability challenges.

Participated · Preferred · May 2025

Headquartered in Grand Rapids, Michigan, Acrisure has evolved from an insurance brokerage into a tech-enabled global fintech provider that bundles insurance, reinsurance, payroll, benefits, cybersecurity, real-estate services and retirement/wealth products. The company leverages AI and data to match small- and medium-sized businesses with customized financial solutions and has executed roughly 900 acquisitions to build out its platform. Over the past eleven years, revenue has grown from $38 million to nearly $5 billion, and the firm now employs more than 19,000 people across 23 countries. Recent executive hires, including a former Intercontinental Exchange COO as CTO and Palantir’s former Global Head of Corporate Development as CAO, underscore its commitment to scaling technology and M&A integration. Going forward, Acrisure plans to deepen product breadth, fully integrate prior acquisitions and pursue additional accretive M&A. Its strategy is to become the pre-eminent fintech partner for millions of SMBs worldwide, leveraging data science for efficient cross-selling and organic growth.

Led · Series A · Apr 2024

Honey Insurance is an Australian startup founded in 2020 that offers home, renters and landlord insurance. Policies are offered through an underwriting relationship with Australian insurer RACQ. Customers receive three smart home sensors to monitor different aspects of the home as part of the product. The company has grown 300% in the past year and currently holds roughly a 1% market share. Honey has reached an annual recurring revenue of $40 million. The startup recently completed a large funding round to support its growth. Honey Insurance sells home, contents and landlord coverage in Australia and is underwritten by RACQ. The product includes A$250 worth of smart sensors to detect flooding, fire and theft and customers receive an 8% premium discount if sensors are active. Sign-up is designed to be simple (as little as three minutes) and the company plans to use public and satellite data to automatically update policies when homes change. Honey has added a 30% safety margin to sums insured and increased home office coverage to A$20,000 to address underinsurance. The company plans to use its new capital to hire — targeting 80 positions over the next 12 months — and to fund research and development.

Participated · Seed · Sep 2023

Delos Insurance Solutions is a managing general agent that uses satellite imagery, wildfire science, and machine learning to identify and insure homes deemed insurable within wildfire-exposed territories. The company offers policies on behalf of AM Best 'A' rated carriers and was founded in San Francisco in 2017 by aerospace engineers. Delos currently writes $40 billion in total insurance value and reports market-leading loss ratios and better-than-planned growth. Its proprietary technology pinpoints properties with lower risk of loss, allowing access to insurance in areas other carriers have abandoned. The team plans to expand geographically outside California and to develop new products to broaden affordable insurance availability. Recent industry recognition includes MGA/MGU of the Year by Insurance Insider US and a spot on CB Insights' Top 100 Global Fintech Companies for 2024. Delos Insurance Solutions provides technology that uses satellite imagery and artificial intelligence to identify insurable homes in territories other insurers avoid because of wildfire risk. Its platform aggregates and analyzes exposure and concentration data to quantify a home’s actual wildfire risk. The company is enabled by a proprietary geospatial AI algorithm and more than two hundred data layer inputs, including detailed weather, wind, drought, and vegetation overlays. Delos vertically integrates its wildfire science expertise and a full suite of wildfire models to pinpoint lower-risk properties within stressed areas. Led by CEO Kevin Stein and based in San Francisco, the company raised a $7.3M seed extension to support growth. It intends to use the funds to expand across the California homeowners’ insurance market.

Participated · Series D · Sep 2022

Pie Insurance provides digitally distributed workers’ compensation insurance to small businesses, selling directly via its website and through thousands of independent agents. The company uses data and analytics to price and underwrite policies and says it has maintained strong unit economics and sustainable loss ratios. In the first four months of 2022 Pie increased its annualized run rate premium to nearly $300 million and more than doubled its gross written premium in Q1 2022 versus Q1 2021. Since early 2021 through May 2022 the company more than doubled its number of policyholders and insurance agency partners. Pie has raised over $615 million in total capital since its 2017 inception. The company plans to use the new capital to expand into new lines of business and to transition to a full-stack carrier. Pie Insurance is a Washington, D.C.-based startup selling workers' compensation insurance to small businesses through an internet-driven, cloud-based platform. The company leverages proprietary data and analytics to provide faster, more affordable underwriting and sells directly online and through thousands of independent agents. Pie began selling policies in March 2018 and has grown its gross written premium to over $100 million while partnering with over 1,000 agencies nationwide. Revenues have climbed 150% since its $127M Series B extension last May, and headcount rose to 260 from 140 over the past year; the company declined to disclose recent hard revenue figures. Pie plans to use new capital to invest further in technology and automation, grow its core workers' comp business, and lay the groundwork for new business offerings in 2021 and beyond. The company was founded in 2017. Pie Insurance offers workers' compensation insurance directly to small businesses and via partnerships with local, regional, and national insurance agencies. The company operates as a managing general agency for Sirius America Insurance Company and provides A.M. Best A- rated workers' compensation coverage. Pie sells coverage in 34 states and the District of Columbia and is expanding nationwide. Founded in 2017 by CEO John Swigart, the firm is headquartered in Washington, DC and Denver, CO. The company plans to use new capital to grow its offering to small business owners and expand distribution through agents. Pie Insurance, founded in 2017, provides workers' compensation insurance directly to small businesses through an easy-to-use digital experience and operates as a managing general agency for Sirius America Insurance Company. The company began offering policies in 2018 and sold its first policy in March 2018. In the first 11 months since launch it generated more than $10 million in written premium and reports that 80% of small businesses overpay for workers' compensation coverage. Pie is available in 19 states covering more than 60% of the U.S. workers' compensation market and expects to expand nationally by the end of 2019. The company offers A.M. Best A rated workers' compensation insurance and plans to use new funding to expand geographically, add new distribution sources, and further simplify the customer experience. Pie Insurance offers near-instant online workers' compensation policies to small businesses through a frictionless direct distribution platform. The company built a full-stack managing general agent (MGA) operation and secured required regulatory approvals in under 12 months. It began offering policies in 2018 and today sells in eight states. Pie uses advanced analytics and a predictive model that estimates 80% of small businesses overpay for coverage—often by as much as 30%—to more accurately identify risk and simplify purchasing. Insurance offered by Pie holds an A.M. Best A rating. The company intends to use new capital to scale operations and expand geographically.