This brings total funding to $11m for Raincoat; the firm that wants to enable instantly processed individual claims.
Furthermore, the funding round was led by TwoSigma Ventures. Also involved was Europe-based Mundi Ventures, Revolution’s Rise of the Rest Seed Fund and EleFund.
Go deeper with GlobalData
The funds will be used to support expansion to new markets to provide services after particular disasters such as hurricanes and earthquakes in the Caribbean, Mexico, and the Gulf Coast, as well as wildfires in the west and floods, drought and excessive rain in Brazil and Colombia.
Raincoat has provided disaster relief protection to thousands of individuals and families with successful payments. Its embedded parametric insurance model allows distribution channels to offer protection against the occurrence of a specific event given certain parameters. It also offers coverage that other firms typically exclude.
The insurtech works with financial institutions, governments and insurers to deploy automated, end-to-end products to protect those affected by these natural disasters.
“We look forward to pushing the limits of what’s possible and bringing our technology to more communities thanks to this new round of capital. Insurance should be there to protect you – and the expectation of payment after a catastrophe should not create anxiety – but rather bring ease,” said Jonathan González, Raincoat CEO and co-founder.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“We are innovating today for the current and future generations and look forward to working with more local and international players to make this happen,” he added.
“Climate disaster is now happening with more frequency and intensity than ever before, and the insurance industry at present, based on manual claim adjustments that take months or even years to process, just cannot scale to match the growing risk. The world needs innovative, scalable data-driven solutions like Raincoat to make businesses and families more resilient,” said Colin Beirne, Partner at Two Sigma Ventures.
