Poncho, a Swiss insurtech startup focused on parametric weather insurance, has raised €589k in seed funding led by WeBuild Ventures.
Founder and CEO Omar Jerrari commented on the company’s progress: “This funding is a significant step forward in our journey to make weather insurance accessible and straightforward for everyone. We’re excited to partner with our investors to bring Poncho’s vision to life and expand our footprint across the Swiss travel and leisure landscape.”
This funding coincides with the launch of Poncho’s weather insurance product on November 21st, which is already being integrated into booking processes by five selected travel and leisure businesses in Switzerland.
According to Poncho, their service addresses the challenges of weather unpredictability, offering travel and leisure businesses a way to mitigate weather-related risks while enhancing customer confidence in making advance bookings. By allowing customers to add weather protection during the booking process, Poncho aims to help businesses avoid last-minute cancellations caused by adverse weather, boosting sales and improving operational stability.
Their proprietary system generates weather insurance offers live during the booking process, tailoring coverage to the specific location, date, and activity.
Using high-resolution weather models, Poncho monitors conditions in real time and automatically issues refunds when predefined weather thresholds are exceeded. Customers benefit from a hassle-free experience, with no need to file insurance claims.
These automatic refunds aim to empower travellers to rebook their trips or enjoy alternate indoor activities such as spa treatments or fine dining, creating memorable experiences regardless of the weather. This approach, Poncho argues, increases customer satisfaction and loyalty while providing travel and leisure businesses with a competitive edge.
Nicolas Lagreze, Managing Director at WeBuild Ventures, shared his confidence in Poncho’s potential: “We believe Poncho is solving a real and growing pain point in the travel and leisure industries. Their innovative approach to weather insurance has the potential to create immense value for businesses and customers alike.”
Read the orginal article: https://www.eu-startups.com/2024/11/zurich-based-insurtech-poncho-raises-e589k-to-develop-weather-insurance-for-the-travel-industry/
