Captain, a San Francisco, CA-based fintech platform that helps homeowners rebuild faster after natural disasters by paying general contractors upfront, emerged from stealth today with $104m in total financing.
In total, Captain secured $100m in debt financing from CoVenture, and raised a $4m 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 expand sales and engineering teams, including hiring key positions such as vice president of engineering, head of growth, and head of talent.
Led by CEO and Founder Demetrius Gray, Captain helps homeowners get their repairs (they say completed in 30 days) after natural disasters by advancing money to their contractors to pay for materials, labor, and fees associated with repairs. In doing so, neither homeowners nor contractors need to work with — or wait for — insurance companies to process and approve claims before beginning work. Moreover, policyholders can find trusted contractors already vetted and approved by Captain while ensuring that the cost to homeowners won’t exceed their deductible.
Since launching, the company has deployed $5M in under 30 days for the nation’s most storm-damaged areas and partnered with 50 contractors throughout the U.S.
Capital also has operations in Louisville, KY.