Reifi offers a financial product designed to mitigate the monetary risk associated with athlete underperformance. This service allows stakeholders to secure coverage against an athlete failing to meet expected performance levels for any reason. The coverage extends up to the athlete's full contract or valuation amount.
Funding
$20K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Professional sports teams face significant financial risk due to athlete underperformance, regardless of the cause, potentially impacting team finances and future earnings. Traditional insurance options may not fully cover the spectrum of reasons for underperformance, leaving teams vulnerable to substantial losses.
Solution
Reifi offers a financial risk mitigation platform designed to insure professional sports teams and athletes against financial losses resulting from player underperformance. The platform allows teams to pay a premium to institutional investors at the beginning of a season. In return, teams receive reimbursement if a player fails to meet pre-defined performance benchmarks, regardless of the reason for underperformance. This approach safeguards the team's financial investments and protects their future earnings potential by providing a financial safety net against unforeseen circumstances affecting player performance.
Target Audience
Reifi's primary customers are professional sports teams and athletes seeking to mitigate financial risks associated with player underperformance.
Features
- Contract insurance against athlete underperformance.
- Reimbursement to teams if players fail to meet performance benchmarks.
- Coverage regardless of the cause of underperformance.
- Premium payments made to institutional investors at the season's start.