Delos raises $7.3 million
Delos Insurance Solutions announced a $7.3 million seed extension round led by IA Capital Group, with participation from Blue Bear Capital, Gallatin Point Capital, Generation Space through Seraphim Space Investment Trust PLC, Avanta Ventures, Red Dog Capital, DNX Ventures, Robert Glanville, and Jonathan Crystal.
Founded in 2016, Delos claims to leverage wildfire science and satellite imagery to offer home insurance coverage in areas with limited options. The MGA is currently live in California and policies are issued by Homesite Insurance Company and Lloyd’s of London.
“This new funding round underscores Delos’ commitment to the California homeowners’ insurance marketplace and substantiates the success of our vertically integrated strategy. The significant growth of our homeowners’ insurance product over the past 12 months, combined with the confidence of our investors, helped us secure funding in a difficult environment. It enables us to write even more homeowners insurance policies through our independent agent network and partner carriers, who offer our policy in regions where they don’t write.” – Delos CEO and co-founder Kevin Stein.
“We are impressed by Delos’ success and growth trajectory in this incredibly challenging California wildfire insurance market. Delos provides homeowners with a creative and viable solution to the persistent problem of insuring homes in areas under threat of wildfire. We are pleased to provide further support to help fuel their expansion in California and beyond.” – Matt Perlman, partner at IA Capital.
“The home insurance market in California is broken and while wildfire risk isn’t going anywhere anytime soon, neither are Californians. Delos leverages a depth of understanding in data-modeling, machine learning, and wildfire behavior that traditional markets currently don’t possess, all in the service of writing coverage. Blue Bear is excited to partner with Kevin, Shanna, and the rest of the Delos team as they face the wildfire problem head-on, with a data-driven, solutions-oriented approach.” – Vaughn Blake, partner at Blue Bear Capital.