The pre-seed round was led by Honors Fund by CEAS Investments, with participation from MetaProp, Dorm Room Fund, Responsibly Ventures, and a group of angel investors.
The funding will enable Faura to expand its operations and further its mission of transforming the property insurance landscape. In addition, Faura has been accepted into the MetaProp Accelerator program, where it will join six other startups in the proptech space for the 2024 program.
Valkyrie Holmes, CEO and co-founder of Faura, said in a statement on Linkedin: “I wanted to thank everyone who has been here with us and along for the ride, coming off of an amazing week at InsurtechNY. I wanted to keep this short and thank our amazing investors at Honors Fund by CEAS Investments, Dorm Room Fund, MetaProp (and the accelerator team!), Responsibly Ventures, our lovely angel investors and all of our family and friends along with us! “
In recent months, Faura has begun onboarding its first insurance companies and agencies onto its platform. The company is now serving homeowners and agents in Hawaii, California, Oregon, and Texas, with plans to expand into Florida soon.
Through this process, Faura has gained insight into the vast and multifaceted insurance industry. Navigating the complexities of personal, commercial, property, auto, and renters insurance, as well as specialty insurance, has posed a challenge in meeting the diverse needs of various stakeholders.
Despite these challenges, Faura has made significant progress. The number of assessments conducted has grown from around 100 per month to over 600 per month in the last quarter. By catering to both insurance companies and agencies, Faura has successfully diversified its approach and doubled its deals in the past month.
