We signed the first 12 insurers before we had a single property owner. Here is why they said yes.

The tipping point is 8.

Days-to-bind collapses above 8 active insurers per metro market

Supply-Side Density

Specialty Insurers

4.3

Avg Quotes per Listing

91%

Insurer Renewal Rate

6hr

Avg Time-to-Quote

84%

Property owners who close one policy return for the next property 84% of the time.

GMV Growth

Take-Rate Economics

Gross Take-Rate 4.2%

Net (after incentives) 2.8%

Q4 2024 Run-Rate $2.18M

Network Effects Architecture

SAME-SIDE SUPPLY

More insurers → lower avg premium → attracts more insurers seeking competitive edge

CROSS-SIDE S→D

More insurers → faster quotes → attracts more property owners

CROSS-SIDE D→S

More property owners → more quote data → attracts insurers seeking pricing intelligence

SAME-SIDE DEMAND

More owners → market-rate benchmarks → attracts more owners confident in pricing

The Moat

Point-Solution Brokers

→ Human-intermediated
→ 3-day bind time
→ No data asset
→ Linear cost scaling

Vela Cover

→ API-native platform
→ 6-hour bind time
2.1M indexed policy data points
→ Network effect leverage

Market Footprint

Team

Adaeze Obi

CEO & Co-Founder

Ex-Lloyd's of London syndicate underwriter, 9 years specialty commercial lines. Built carrier relationships across 23 countries.

Paul Chernov

CTO & Co-Founder

Ex-Zenefits marketplace engineer. Built carrier API integration layer serving 400K+ policies. MIT CSAIL '14.

Luz Morales

VP Supply

Ex-Munich Re relationship manager. Signed 31 of Vela's 47 current insurer partners. 12-year track record in reinsurance distribution.

Sanjay Iyer

VP Demand

Ex-Cushman & Wakefield PropTech lead. Built CRE insurance procurement process for 1,200+ commercial properties. Wharton MBA.

Use of Proceeds

$10M

Phase 1

12 new metro market launches. Insurer density to 8+ per market. Sales team expansion to 18 market managers.

$8M

Phase 2

Embedded API to 3 leading CRE SaaS platforms. In-app quote flow. White-label option for enterprise property managers.

$7M

Phase 3

International pilot: London + Toronto. Carrier network expansion. Lloyd's syndicate integration. Regulatory compliance.

18-Month Milestones

Q2 2026 Targets

$200M GMV run-rate

80 active insurers

12 markets at tipping point

3 platform integrations live

Series B Trigger

$400M

GMV annualized run-rate

Achieved when density capital compounds the flywheel across all 18 markets.

$25M Series A

$125M pre-money

Capital buys density. Density buys defensibility.

Contact

Adaeze Obi

adaeze@velacover.com