Previsico, the live flood alert insurtech, announces the successful close of its Series A funding stage. The round includes investment from Connecticut Innovations (CI), Connecticut’s strategic venture capital arm; BlueOrchard Finance Limited, a leading global impact investment manager and member of the Schroders Group; and builds on the earlier investment led by Burnt Island Ventures, with continued support from Foresight Capital.
The funding enables Previsico’s accelerated strategic development, as it scales up with ongoing innovation of its forecasting solution and continued growth in the UK and US, as well as entry into new emerging markets.
Previsico is tackling a major and growing issue, with global losses from pluvial flooding being projected at $USD 850 billion p.a. by 2050, including both developed nations such as the UK and US, and emerging nations. This makes it a perfect fit for BlueOrchard, which invests in scalable, technology-driven companies that improve affordability and accessibility of climate insurance.
In the US, The National Oceanic and Atmospheric Administration (NOAA) reported that flooding was responsible for $7 billion in damages in 2023, with many of the losses uninsured due to the low availability/uptake of flood insurance in the US.
In the UK, 2024 was the costliest year on record for flood losses, with pay outs exceeding £650 million, driven by climate change, urban expansion, and inadequate drainage infrastructure. Further, a recent Aviva study warns that properties at risk from flooding in England alone could rise to 8 million, from 6.3 million, by 2050.
The increasing frequency of localised natural disasters is driving demand for advanced predictive solutions – an area in which Previsico excels, particularly for the insurance, construction, and utility sectors.
Jonathan Jackson, CEO of Previsico, said: “We’re thrilled to have the support of our new investors at such a pivotal stage in Previsico’s journey. This round of investment marks an exciting milestone for us, enabling our continued growth and accelerating our mission to help communities and businesses become more resilient to the increasing threat of flooding.”
Konstantine Drakonakis, Managing Director of Investments at Connecticut Innovations ClimateTech Fund, said: “We are pleased to invest in Previsico, which is starting to gain a global reputation not only as a live flood forecasting provider, but also as a partner in helping organisations and communities adapt to climate risks and manage the financial implications of extreme weather. We are behind the eight ball here in the US on flood forecasting at the local level and Previsico’s platform is well positioned for our markets.”
Richard Hardy, Investment Director, Private Equity at BlueOrchard, 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 an exceptional addition to our portfolio. We look forward to working with Jonathan and his team to help extend their platform on a global scale.”
Through its partnership model and support, BlueOrchard helps to build robust ecosystems for climate adaptation, including in emerging markets, which often face critical protection gaps and can benefit most from rapid advances in climate risk management technologies.
Flooding remains the most common and costly natural hazard worldwide. Previsico’s live flood forecasting solution integrates real-time weather data, IoT devices, and advanced flood modelling to enable insurers, public sector agencies, and businesses to mitigate flood impacts, enhancing resilience, and reducing losses.
Read the orginal article: https://ffnews.com/newsarticle/funding/previsico-secures-series-a-funding-to-accelerate-global-growth/
