Parametric Insurance platform Floodbase has secured a $5m investment, led by Ecosystem Integrity Fund (EIF).
Pulse Fund also contributed to the latest fundraise.
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The capital infusion will enable Floodbase to expedite the development of flood insurance programmes.
Since its Series A funding round in 2023, Floodbase has expanded its operations to more than 40 countries, facilitating more than 9,000 flood insurance policies.
The platform is said to be a preferred partner for reinsurers such as Swiss Re Corporate Solutions, Liberty Mutual Re and AXA Climate.
The Floodbase platform leverages a decade of peer-reviewed science, offering continuous global flood monitoring, the company said.
It enables the company to power flood insurance programmes that cater to various industries and geographic locations.
Co-founded by Bessie Schwarz and Beth Tellman, Floodbase has so far received $17m in venture capital.
It is backed by companies including Collaborative Fund, Floating Point, Lower Carbon Capital and Vidavo Ventures.
Floodbase CEO Bessie Schwarz said: “With the growing demand for new flood insurance programmes, we are thrilled to partner with EIF to accelerate our growth. We have known EIF for a long time and are excited to formalise our partnership. With their support, we will continue to lead and empower the market to close the global flood protection gap.”
EIF partner Sasha Brown stated: “New solutions are urgently needed to adapt to an increasingly volatile climate. The frequency and severity of floods is growing, adding to the already tremendous global flood protection gap. Floodbase can power a new category of flood insurance products and has become the preferred platform for its insurance partners. We are thrilled to be partnering with the company to help accelerate the growth of their critical resiliency offering.”
Earlier this month, Floodbase, along with Swiss Re Corporate Solutions, developed a new parametric insurance solution, which was launched by Aon.
It is designed to address and mitigate the financial impact of hurricane-related storm surges along the US coast.
