5 days ago
Climate insurtech company Previsico gets investment from BlueOrchard-managed PE fund
UK-based flood forecasting platform Previsico has secured a 'growth investment' from InsuResilience Investment Fund Private Equity II (IIF II), managed by BlueOrchard Finance.
This is part of a new financing round, in which Burnt Island Ventures and other existing shareholders also took part.
BlueOrchard private equity investment director Richard Hardy said: 'Part of our role in expanding climate insurance across emerging markets is to ensure these regions gain access to world-leading climate technologies.
'Previsico is an excellent example of such innovation and a strategic addition to our portfolio. We look forward to working with Jonathan and his team to help extend their platform on a global scale.'
The technology developed by Previsico combines various data sources such as sensor readings, satellite imagery and meteorological data to provide flood warnings with a lead time of up to 48 hours.
The service targets insurance companies, utility providers, property owners and governmental bodies to mitigate flood-related risks.
The insurtech company has an established presence in the UK and has undertaken projects in the US, Kenya and Italy to validate its technology.
It plans to expand its presence in 'high-growth emerging markets' with 'most acute' protection gaps, leveraging the backing of IIF II.
With the additional capital from Burnt Island Ventures, Previsico is looking to expedite its growth in the US market.
Previsico CEO Jonathan Jackson stated: 'With a shared commitment to addressing the challenges of climate change, BlueOrchard brings valuable expertise and connections, particularly in emerging markets, which will empower us to expand our efforts in predicting and preventing flood impacts to generate lasting positive impact for communities, businesses and the environment.'
Earlier this year, Previsico partnered with parametric insurer Descartes to refine corporate flood risk insurance for businesses in the UK and Ireland.
"Climate insurtech company Previsico gets investment from BlueOrchard-managed PE fund " was originally created and published by Life Insurance International, a GlobalData owned brand.
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