FloodFlash, the UK parametric insurance coverage expertise firm that pays catastrophic flood claims inside 48 hours, introduced a Collection A capital elevate of $15 million.
The spherical was led by Chicago-based Buoyant Ventures with San Francisco-based fund Munich Re Ventures additionally that includes as an investor. Sony Monetary Ventures/International Mind (Tokyo), MS&AD Ventures (San Francisco) and PropTech1 (Berlin) all participated within the spherical alongside current traders Pentech, Native Globe and Insurtech Gateway.
The funding comes three months after FloodFlash introduced a brand new insurance coverage capability partnership with the reinsurer Munich Re. FloodFlash plans to make use of the funding and capability to gas worldwide enlargement and start closing the $58 billion flood safety hole. Goal markets embrace the U.S., Germany, Australia, and Japan.
Since launching in 2019, FloodFlash has established a monitor report for combatting excessive climate losses, utilizing pc fashions, cloud software program and related expertise to offer flood cowl to these the insurance coverage business has left behind. Prospects select a depth and payout quantity for his or her coverage. When flooding reaches the depth chosen, the insurance coverage pays out, sometimes inside 48 hours.
In response to NOAA, inland flooding alone induced over $151 billion in damages throughout the U.S. within the final 40 years. Regardless of the prevalence of flood threat in America, solely 5%-15% of householders, and fewer than 5% of small to mid-size companies, carry flood insurance coverage.
“This funding is an endorsement of our parametric cowl. The group of traders for the spherical couldn’t be higher tailor-made to supporting our efforts in fixing the problems round underinsurance within the face of local weather change,” commented FloodFlash CEO Adam Rimmer.
About FloodFlash
London-based FloodFlash is an insurance coverage expertise firm that mixes pc fashions, cloud software program and internet-of-things sensors into flood cowl. FloodFlash is a registered coverholder at Lloyd’s of London and is permitted and controlled by the UK Monetary Conduct Authority.
Supply: FloodFlash
{Photograph}: A view of a flooded avenue after the River Ouse burst its banks within the aftermath of Storm Ciara, in York, England, on Monday, Feb. 10, 2020. Picture credit score: Danny Lawson/PA by way of AP.
Excited by Flood?
Get computerized alerts for this matter.
