Tugboat Insurance Tech Secures $3M Seed Round to Fight Underpaid Claims
-
Click here to listen to this article - Share via
Tugboat, a Simi Valley-based technology company focused on consumer advocacy for insurance claims, closed an oversubscribed $3 million seed round led by Resilience VC. Funding goes toward API integrations with major property management systems, B2B distribution through multifamily owners and lenders, and expanding Tugboat’s free disaster-response program.
“A claim is a two-side contract. We’re building for the policyholder to support homeowners and business owners. The results bring more transparency,” said Cameron Mooney, chief executive, who co-founded the company with his cousin Aaron Mooney.
The Mooneys are veteran insurance adjusters who have resolved thousands of claims across dozens of carriers. They built a platform to leverage claims data for homeowners and other policyholders to better negotiate with their coverage providers.
After the 2025 Southern California wildfires, Tugboat members recovered an average of more than $54,000 above their first offer. Across 30 states, members have pulled in more than $15 million in additional settlements, averaging $25,000 per claim.
Members pay $99 for access to the company’s platform, although it offers access for free for a limited amount of time following a natural disaster. That helps provide guidance to homeowners who are forced to negotiate at a time that could be a financial crisis, where they are dealing with the shock of a major loss. Moreover, many policyholders may not understand or have sufficient coverage for their needs.
“There’s an epidemic of underinsurance, and there is not an incentive for insurers to solve that for you,” said Cameron Mooney. “Document your property, even a quick video to help with a large theft claim or a disaster claim.”
As for Tugboat’s growth plans, it’s aiming to expand the platform to coverage for renters by partnering with large landlords as a B2B service. The Tugboat platform could be offered as an amenity to renters.
“We are taking what we know works with individual claims and talking to partners with large exposure to risk,” said Cameron Mooney.
Information for this article was sourced from Tugboat.
