InRev Raises $625,000 Through EC Introductions

May 23, 2024 / Share:

InRev, a Nashville-based insurtech startup, has made impressive strides since its inception in the spring of 2021. Co-founded by seasoned underwriter Jack Genet and software engineer Adam Duff, InRev focuses on surety bonds, leveraging proprietary tech, data and AI to make underwriting simple, fast, and smart. 

In Rev Co-founders, Jack Genet and Adam Duff

InRev Co-founders, Adam Duff and Jack Genet

 

The company’s streamlined approach has garnered significant attention across various industries from cryptocurrency to renewable energy, with a significant need in construction. 

With a team of five full-time employees, InRev has partnered with 40 insurance agencies, facilitating over $300 million in surety bonds—a figure that has nearly doubled each quarter! They are officially profitable this quarter.

Following their pre-seed raise of $600K, InRev began their rolling SAFE seed round. So far they have raised $3M, with a total goal of $3.6M. Their largest investment came from an insurance carrier and their second largest came from a local VC firm introduced to them by EC Capital Connector, Haley Zapolski. InRev’s third largest investor is a publicly traded company on NASDAQ. Additional funds came from friends, family, smaller VCs, and exited founders. 

“Our investors were primarily industry executives, friends, family and partners from across the country,” Genet explained. “Zap played a crucial role connecting us with Nashville’s investor community. Through her introductions we raised $580,000 from the VC firm and another $45,000 from angel investors.”

Zap also referred InRev to 101 Weston Labs, an InsurTech Accelerator based out of Cary, North Carolina.

“There’s a lot of hidden gems of founders in Nashville, InRev being one of them. I’m just happy I found Jack and was able to put him in front of people who could get excited about what he was building,” said Haley Zapolski.

Looking ahead, InRev plans to use their recent funds to expand their team by hiring a sales team and two more engineers. Co-founder Jack frequently attends EC events and was a former incubator member of the NEC.

Reflecting on their journey, Genet expressed gratitude for the support and connections facilitated by our Capital Connection Program. “Zap is super plugged in and helpful. She tees things up and makes really great introductions,” he said.

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