FloodFlash, an insurance technology company which pays catastrophic flood claims within 48 hours, has raised £11 million in Series A funding.
Eighth on our InsurTech 50 ranking last year, FloodFlash – which launched in 2019 – has established a track record for combating extreme weather losses.
Its coverage combines computer models, cloud software and connected technology to provide flood cover to those the insurance industry has left behind.
The round was led by Chicago-based Buoyant Ventures with San Francisco-based fund Munich Re Ventures also featuring as an investor. Sony Financial Ventures/Global Brain (Tokyo), MS&AD Ventures (San Francisco) and PropTech1 (Berlin) all participated in the round alongside existing investors Pentech, Local Globe and Insurtech Gateway.
The investment comes three months after FloodFlash announced a new insurance capacity partnership with Munich Re, one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions.
FloodFlash plans to use the investment and capacity to fuel international expansion in the US, Germany, Australia and Japan.
“This investment is an endorsement of our parametric cover and how we’re using it to solve real-world issues,” said CEO Adam Rimmer.
“The group of investors for the round couldn’t be better tailored to supporting our efforts in solving the issues around underinsurance in the face of climate change.”
Amy Francetic, partner, Buoyant Ventures, added: “Real solutions are needed to address flood risk in the communities on the front lines of climate change.
“We are thrilled to lead this first-class syndicate of investors and believe strongly that the FloodFlash team is well positioned for global expansion and success.”