reThought also writes business interruption insurance. Credit: Hermann Traub from Pixabay.

Flood specialist reThought Insurance has secured $15.5m in series A round of funding round led by Telstra Ventures.

The round was also joined by the company’s existing investors Menlo Ventures, ManchesterStory and Streamlined Ventures along with Hudson Structured Capital Management (HSCM), and ArcTern Ventures.

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reThought will use the funding to develop software, data sources and its high-definition risk data engine.

Funds will also be used for augmenting technical resources, operational capabilities and the sales team.

Founded in 2017, the firm aims to streamline its operations and automate the whole company.

The tech-enabled managing general agent currently focuses on writing flood coverage for complex mid-tier commercial risks and high net worth (HNW) properties and plans to develop solutions for other risks.

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reThought CEO Cory Isaacson said: “This round of funding will further our ability to provide the best underwriting from the most comprehensive sources of data available for our capacity providers, and ultimately help us meet our goal of closing the gap for US flood in ways that others have not done and cannot do, which puts us in a really unique position in the flood market.”

HSCM’s Andrew Sagon and Telstra Ventures’ Marcus Bartram have joined the reThought board.

The insurtech stated that currently 85% of commercial and residential properties in the US do not have flood coverage and it expects the market to reach $41bn by 2024, partly due to climate change.

Telstra Ventures general partner Marcus Bartram said: “Climate change is rapidly driving increasing risk around the globe. Building new models that apply data and technology is necessary and that is why we invested in Cory Isaacson and his extraordinary team that bring deep knowledge and problem-solving skills.”

Last month, it partnered with Skyward to develop proprietary flood risk assessment technology.