Inspectify, a Seattle-based property inspection and underwriting platform, has raised $5.26m in a funding round led by Munich Re Ventures.
This recent capital injection sees Munich Re Ventures become Inspectify’s largest external shareholder, with its managing director, Matt McElhattan, joining Inspectify’s board of directors, according to InsurTech Insights.
Additional support came from previous partner Hartford Steam Boiler, highlighting Inspectify’s strong industry partnerships.
Inspectify focuses on modernising the property inspection process for multiple sectors, including real estate, lending, property management, and insurance. The platform leverages automated intelligence and real-time data to streamline property assessments, aiming to ensure accurate, efficient, and high-quality inspections regardless of inspector variability. By partnering with a vast network of inspectors and offering a cutting-edge digital platform, Inspectify aims to tackle the rising challenges in property risk assessment.
The newly raised funds will further develop Inspectify’s proprietary software, expanding its offerings and reaching new client bases through Hartford Steam Boiler. One of its latest features, an Inspection Warranty, is particularly notable as it represents the first embedded warranty service in property inspections, providing homeowners with additional security and assurance regarding property assessments.
According to Inspectify CEO and co-founder Josh Jensen, the company sees this as a vital moment for property inspection advancements, especially in the wake of rising property risks. “We’re thrilled to deepen our partnership with Munich Re Ventures and Hartford Steam Boiler to enhance our services for property and casualty carriers,” Jensen said. “With the rise of extreme weather and escalating replacement costs, having accurate, real-time data on properties is crucial for insurers. Our platform is designed to meet these needs.”
Munich Re Ventures managing director Matt McElhattan added his perspective on the platform’s wide-reaching impact across industries beyond real estate: “Inspectify has grown beyond its initial focus on real estate to serve industries like construction lending and insurance,” McElhattan said. “Their use of automated intelligence ensures standardised, high-quality inspections, regardless of the inspector, which is a game-changer for enterprise customers.”
With this latest funding, Inspectify’s total raised capital is approximately $23m, underscoring its mission to lead the property inspection sector in innovation and service scalability.
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