UK-based insurance technology company FloodFlash has raised $15m in a Series A round led by Chicago-based Buoyant Ventures along with San Francisco-based fund Munich Re Ventures.

The round saw the participation of Sony Financial Ventures/Global Brain, MS&AD Ventures and PropTech1, while the insurtech’s existing backers Pentech, Local Globe and Insurtech Gateway also joined.

FloodFlash leverages computer models, cloud software and internet-of-things sensors to pay flood claims.

The company will utilise the proceeds to target $58bn flood underinsurance issue as well as support its international growth. It primarily plans to expand to the US, Germany, Australia, and Japan.

FloodFlash CEO Adam Rimmer said: “This investment is an endorsement of our parametric cover and how we’re using it to solve real-world issues.

“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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Buoyant Ventures partner Amy Francetic said: “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.”

Notably, FloodFlash extended its partnership with reinsurance, primary insurance and insurance-related risk solutions provider Munich Re last year to support international growth.