Our Investment in Painworth
Painworth has developed a two-sided platform for the personal injury market, that helps connect claimants directly with insurers.
Clogged up courts. High legal fees. Confusing processes.
These are some of the issues that have plauged the personal injury market which, over the years, has developed a very negative reputation.
And for good reason. More often than not, people who have been in an accident feel like they didn't receive a fair settlement or in a timely manner.
This was the case for Painworth co-founder and CEO, Mike Zouhri, who was unfortunately struck by a drunk driver in late 2019. Reeling from his injuries, Mike began the process of undergoing a personal injury claim only to find out it was going to cost him nearly 40% of his settlement and take up to 5 years.
Desperate for a better solution, Mike (while still in recovery) took himself to the law library and began to educate himself on personal injury law. Through all this, the idea for Painworth was born.
Painworth has developed a two-sided platform that helps connect claimants directly with insurers, while enabling both parties to calculate, manage and directly settle a claim without the need for expensive middlemen. It makes sense for the 80% of claims which are straightforward in nature.
The secret sauce is in Painworth's underlying technology, which combs through precedent court cases and provides unbiased data around what a specific injury is worth - along with the supporting citations, references and documents.
The company's hope is that Painworth will play a major role in reducing rising insurance costs, while also making settlements more fair and less complicated for accident victims like Mike.
2048 Ventures is drawn to companies that leverage data and technology to drive transparency and automation in an otherwise opaque industry, as is the case with personal injury – an astounding $300B market across the US and Canada. We believe Painworth has the ability to put more money in a claimant’s pocket while costing insurers less money, all in a fraction of the time, making this a win-win for everybody involved.
We couldn't be more excited to be on this journey with the Painworth team, alongside our friends at Panache Ventures and Mistral Ventures.
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