Floodbase Secures $5M Funding to Revolutionize Data-Driven Flood Insurance Solutions

Floodbase Secures $5M Funding to Revolutionize Data-Driven Flood Insurance Solutions

Floodbase, a leading provider of flood data and analytics, recently secured a significant $5 million investment aimed at enhancing its flood insurance programs. This funding round was led by Ecosystem Integrity Fund, with additional support from Pulse Fund, marking a pivotal moment in Floodbase’s mission to deliver innovative, data-driven solutions that significantly improve climate resilience.

About Floodbase and Its Mission

Founded by Bessie Schwarz and Dr. Beth Tellman, Floodbase operates a comprehensive platform that offers real-time monitoring of global flooding. The company supplies insurers with essential data necessary for developing both parametric and traditional flood insurance products. This technology plays a crucial role in bridging protection gaps in areas and industries prone to flooding, enabling insurers to effectively manage risk.

Recent Achievements and Expansion

Since its Series A funding round in 2023, Floodbase has significantly expanded its operations, now reaching over 40 countries and facilitating more than 9,000 flood insurance policies. The company’s partnerships with major re/insurers, including Swiss Re Corporate Solutions, Liberty Mutual Re, and AXA Climate, have solidified its status as a trusted player in the InsurTech industry.

Innovative Insurance Solutions

Earlier this month, Floodbase collaborated with Aon and Swiss Re Corporate Solutions to introduce a new parametric insurance solution. This initiative aims to provide coverage for losses stemming from hurricane-related storm surges, underscoring the critical need for advanced flood analytics in managing climate risks and fostering insurance innovation.

Statements from Leadership

Bessie Schwarz, co-founder and CEO of Floodbase, emphasized the importance of their offering, stating, “Flood insurance has typically been limited to direct property damage, which only represents a fraction of the overall economic loss. We’re enabling a financial safety net that can cover any economic loss associated with a flood event.”

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She went on to express excitement about the partnership with Ecosystem Integrity Fund, stating, “With their support, we’ll continue to lead and empower the market to close the global flood protection gap.”

Sasha Brown, a partner at Ecosystem Integrity Fund, highlighted the urgent need for innovative solutions to adapt to a volatile climate, noting, “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.”

Funding Milestone

With this recent funding, Floodbase has successfully raised a total of $17 million in venture capital. The company remains committed to enhancing its offerings and addressing the pressing challenges posed by climate change.

For more information about Floodbase and its innovative flood insurance solutions, visit their official website at Floodbase.

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