A Gainesville startup is aiming to capitalize on a little-known tool offered by state governments: unclaimed property searches, which reveal forgotten funds that are held by state treasuries until the rightful owner claims them.
In 2015, Chris Prompovitch, CEO of UF Innovate | The Hub alum ClaimFound, came up with the idea when his friend and cofounder’s father expressed frustration over obtaining a previously unknown life insurance policy belonging to his late mother.
After a year of fighting and enlisting the help of multiple attorneys, he finally obtained his deceased mother’s $15,000 policy. “You’d think he’d be very happy, but he didn’t look very happy,” Prompovitch said. “He seemed annoyed, and it was because it took him a year to get his money back.”Learn more about Gainesville Startup Works to Find Lost Money.