Captain Raises $104M in Debt and Equity Funding
Captaina San Francisco, Calif.-based fintech platform that helps homeowners rebuild faster after natural disasters by paying general contractors up front emerged from stealth today with total funding of $104 million of dollars.
In total, Captain secured $100 million in debt funding from CoVenture and raised a $4 million seed round backed by NFX, GGV Capital and Red Swan.
The company intends to use the funds to accelerate the deployment of capital to contractors and grow the sales and engineering teams, including hiring key positions such as vice president of engineering, manager of growth and responsible for talent.
Led by CEO and Founder Demetrius Gray, Captain helps homeowners get their repairs (they claim completed in 30 days) after natural disasters by advancing money to their contractors to pay for materials, labor and costs associated with repairs. By doing so, neither owners nor contractors need to work with – or wait for – insurance companies to process and approve claims before starting work. Additionally, policyholders can find trusted contractors already vetted and approved by Captain while ensuring that the cost to homeowners will not exceed their deductible.
Since its launch, the company has deployed $5 million in less than 30 days to the most storm-damaged areas of the country and partnered with 50 contractors across the United States.
Capital also has operations in Louisville, KY.