Grand Rapids-based venture capital fund Grand Ventures led a $3 million capital round for iink Payments, a Tampa, Fla.-based platform that expedites payments for property insurance claims.
Boulder, Colo.-based Springtime Ventures; Simplex Ventures and Motivate Venture Capital, both based in Chicago; and New York City-based Green Egg Ventures joined Grand Ventures in the investment.
iink Payments works to avoid delays in claims payments that often involve multiple parties by issuing paper checks.
“When storm damage hits, iink brings homeowners back into their homes sooner, by facilitating contractor payments within days. In turn, iink helps insurance companies save on temporary housing costs while families are displaced,” Grand Ventures co-founder and Managing Director Tim Streit wrote today in a blog post on the investment. “A win-win-win for homeowners, insurance companies, and contractors, not to mention the banks, who are party to the process and want to ensure the repairs are completed.”
The investment was the second in recent weeks for Grand Ventures, which previously participated in an $8.6 million capital round for MedZero, a mobile lending platform for health care based in Portland, Ore., that helps consumers pay their out-of-pocket share of medical bills.
CORRECTION: An earlier version of this story incorrectly identified Tim Streit.