FloodFlash, a London-based insurtech company that provides parametric flood insurance to the mass market, announced that it has raised a $15M funding in Series A round.
Founded by Adam Rimmer, and Ian Bartholomew in 2019, FloodFlash is an insurance technology company that combines computer models, cloud software, and internet-of-things sensors into flood cover.
Upon taking insuring, a mobile-connected sensor will be installed at the property. Each customer chooses a depth of flooding and payout amount for their policy.
When the sensor installed at their property detects floodwater at the chosen depth, FloodFlash will kick off the claims process and pay out within 48 hours without any documents.
During Storm Christoph in January 2021, FloodFlash paid a client in full 9 hours and 44 minutes, setting a record for catastrophic flood claim payment.
The finance round was led by Buoyant Ventures along with Munich Re Ventures.
Other investors like Sony Financial Ventures/Global Brain, MS&AD Ventures, and PropTech1 participated in the round with existing investors Pentech, Local Globe, and Insurtech Gateway.
The capital injection comes three months after the company announced a new insurance capacity partnership with Munich Re, a provider of reinsurance, primary insurance, and insurance-related risk solutions.
The UK company plans to use the investment to fuel international expansion targetting markets including the US, Germany, Australia, and Japan.
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