Overview
Teak is an embedded insurance and refund protection platform for operators in the experience economy, including live events, sports, endurance racing, booking platforms, and travel destinations. Formerly known as Protecht, the company rebranded in October 2025 to reflect its broader vision for consumer flexibility. Teak distributes its solutions through B2B partnerships, enabling operators to offer refund and insurance products directly at checkout.
The platform delivers two primary products -- Smart Refunds and Friendly Insurance -- via a lightweight REST API that integrates in approximately two sprints. Products are backed by A.M. Best "Superior" and "Excellent" rated insurance carriers, and Teak is licensed in both the United States and Canada. The company holds SOC II Type II certification and maintains PCI compliance.
Since its founding, Teak has protected over USD 1 billion in consumer experiences across sports, entertainment, and participation events. The company counts Six Flags Entertainment, the San Francisco Giants, Paciolan, Race Roster, and Accesso among its integrated partners. Teak has raised USD 35M across four funding rounds from investors including Arrowroot Capital, IA Capital Group, American Family Ventures, and Western Technology Investment.
Products & Services
Smart Refunds
An opt-in refund protection product offered at checkout for event, booking, and experience platforms. When a customer selects refund protection, the platform handles claim processing and payout. Operators earn ancillary revenue per transaction, with reported lift of up to 20% additional revenue per transaction.
Key Features
- Checkout-embedded opt-in flow
- Automated claims processing and payouts
- API integration deployable in approximately two sprints
- Operators retain ancillary revenue share
Target Users: Event operators, booking platforms, sports venues, destination operators
Friendly Insurance
A claims-based insurance product providing guaranteed 100% valid claim payouts. Underwritten through Teak's US subsidiary FanShield, LLC and Canadian partner Insurance Insight.
Key Features
- 100% valid claim payout guarantee
- US and Canada coverage
- Backed by A.M. Best "Superior" and "Excellent" rated carriers
- Licensed by FanShield, LLC (NPN 18828928) in the US
Target Users: Event attendees, experience consumers in US and Canada
At a Glance
- Founded
- 2016
- Headquarters
- Phoenix, Arizona, USA
- Employees
- 51-200
- Funding
- Series B
Category & Focus
- Category
- Distribution & Sales
- Subcategories
- Embedded Insurance Refund Protection Ancillary Revenue
- Insurance Verticals
- Specialty/E&S P&C Personal
- Target Customers
- Carriers, Consumers, Employers
Customers
- Six Flags Entertainment
- San Francisco Giants
- Paciolan
- Race Roster
- Accesso
- Haku
- RunSignup
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Last updated: 2026-05-18