InRev, which offers AI-driven surety bond underwriting, has closed a new funding round worth $3.75 million, according to its Richmond, Va.-based co-founder and CEO Jack Genet.
Investors in the round included Atlanta, Ga.-based risk exchange Accelerant, Greenlight Re (Nasdaq: GLRE), Austin, Texas-based Mastodon Capital Management, Richmond business leader Brad Sauer, New York’s Scrappy Capital, Grant Park Ventures of Dallas, Texas, and 101 Weston Labs, of Cary. N.C. So far, InRev has raised over $4 million, according to Genet.
Automated Platform
Genet, an alumnus of the University of Virginia, and his co-founder Adam Duff started the company in Nashville, Tenn., but Genet recently moved to Richmond, Va., to be “closer to family and our chief underwriting officer,” Genet, who is himself an underwriter, told Citybiz. He has previously served as underwriter at Sompo International and other firms.
“We’ve built a platform that automates the underwriting and distribution of surety bonds,” Genet told Citybiz. “Getting a surety bond of any size for the first time typically takes 2 days to 2 weeks. With InRev, it takes about 20 minutes.” The company’s “platform has written the largest surety bond ever written by a machine,” he added.
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InRev’s automated platform typically underwrites contract surety bonds for up to $2.5 million for single bonds and $5 million as aggregate account limits. Larger and unconventional submissions require manual interventions. InRev’s underwriting program is backed by Accelerant National Insurance Company (rated A- Excellent by AM Best) with T-List fronting provided by Lexington National Insurance Corp.
Profitable Entity
The global market for surety bonds — a specialty insurance product that acts as a guarantee and is usually bought by construction contractors — is worth $20 billion annually, according to InRev. However, the market is riddled with inefficiencies, “manual processes, lots of back-and-forth, imperfect data and other issues,” said Genet. InRev brings in efficiencies by using proprietary tech, data and AI that enable it to “underwrite surety bonds quickly, simply and intelligently,” said Genet.
“We were profitable in 2024, which is rare for an insurtech at our stage. We’re using the funding to hire more software engineers and underwriters,” said Genet. “We are looking forward to building in Richmond!” he added.