Rein, a Chapel Hill, NC, Maynard, MA and Halifax, NS-based insurtech startup, received an investment from Volvo Financial Services.
VFS Innovation Ventures, a newly formed entity within VFS, has joined the company’s investor group including Liberty Mutual Strategic Ventures, Plug and Play Ventures, Kiplin Capital and family office investors.
Following its latest Series A funding round, the company has raised $14.3M.
Founded in 2015 by Steve Rabbitt, Co-Founder and President at REIN, Rein creates collaborative insurance programs between carriers and data-driven ecosystems. Through its insurtech platform, the company enables rapid program deployment while improving risk analysis.
Earlier this year, the company showcased its insurtech platform at iLabX, Volvo Financial Services’ ten-week accelerator program designed to enable startups to develop their solutions in live customer environments. Now, VFS and Rein will continue to explore customized data-driven solutions that increase safety and improve the overall insurance experience for Volvo Group customers. The companies plan to launch the product in the USA during the first half of 2020, with the aim of a future global offering.