Previsico closes latest funding round for ongoing expansion
Previsico closes latest funding round for ongoing expansion | Insurance Business America
Insurance News
Previsico closes latest funding round for ongoing expansion
Venture capital investor and infrastructure PE investment manager led the round
Insurance News
By
Kenneth Araullo
ClimateTech live flood alert firm Previsico announced the successful completion of its latest funding round.
The round, which had a higher valuation than the prior one in August 2021, was led by venture capital investor 24Haymarket (24H) and supported by the Foresight Group, an infrastructure and private equity investment manager.
Previsico’s progress with major corporations like Network Rail, National Grid, and The Guinness Partnership, as well as leading insurers including Zurich, Liberty Specialty Markets, and Generali was acknowledged by investors. They also recognized the commercial potential of the company’s flood forecasting technology and its ability to have a positive environmental and social impact.
Flooding remains the most prevalent and costly natural hazard in North America, with flood-related hazards causing over $85 billion in damage and economic losses in 2021 alone. Previsico launched in the US in 2022, initially focusing on New York which during that time experienced record rainfall and flash floods because of tropical storm Ida.
To predict flood threats, the company leverages the latest weather data from the Met Office, IoT devices on the ground, and advanced flood modelling capabilities to address the growing global problem of surface water flooding for insurers, the public sector, major corporate clients, and SMEs.
“We are thrilled to welcome 24H as a new investor, as this not only brings valuable funding but also provides us access to a valuable network of accomplished business leaders. It’s equally gratifying that we’ve seen a significant increase in valuation that reflects the business’ strong sales growth since 2021,” Previsico CEO Jonathan Jackson (pictured above) said.
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