Post-COVID Investment Announcement: Betterview
June 12, 2020 | Scott Murphy
We’re pleased to announce that we have made our second investment into the Post-COVID Fund: Betterview. The company provides remote property inspection to property & casualty (P&C) insurers for underwriting purposes. While COVID made in-person property inspections impossible in most states, Betterview’s virtual SaaS offering accelerated.
AVG’s Post-COVID Fund will invest in promising businesses addressing the impacts of the virus creating a portfolio of ~20-30 such investments over the next 12-18 months. Click below to learn more, or read about our first Post-COVID Fund investment in Tembo Health.
Virtual Property Inspection for Insurers
Betterview offers a software platform for insurers to remotely assess and underwrite property risk. By leveraging deep learning and computer vision on third-party aerial imagery and data from public and private sources (e.g., building permits, assessor reports etc.), the company allows underwriters to automatically approve or reject properties rather than require in-person human judgment.
Betterview raised a convertible note from Guidewire Software, the leading software company to the P&C industry and whose CMO joined the company’s board. Other existing investors joined the round: ManchesterStory, Nationwide Ventures, EMC Insurance Companies, MaidenRe, and Winklevoss Capital.
What We Liked About the Deal
- Market. Betterview is tackling a large, recession-resistant market ripe for disruption. P&C inspection in the U.S. is a $2.6B annual market, and the service can’t be deferred whatever the state of the economy.
- Product-Market Fit. A virtual solution is cheaper, faster, and safer than in-person inspection. The post-COVID environment is accelerating adoption of virtual solutions by insurance carriers.
- Momentum. The company is executing at a high level, with ~20 active customers. They grew ARR significantly in 2019 and are well on track to double ARR in 2020.
- Founding Team. The two founders have a highly complementary mix of entrepreneurial and insurance loss control experience. Their success repositioning the company from a drone business to SaaS analytics speaks highly of their ability to execute.
- Runway. This round should sustain Betterview for over two years. Funds raised will be used to accelerate scaling and invested in sales, marketing, and expansion of platform functionality.
AVG’s Post-COVID Fund invests in ventures that are both promising businesses and either directly or indirectly address the multiple impacts of the virus in healthcare, technology, services, data monitoring and analysis, learning, payments, communications, entertainment, and more.