Climate-risk focused InsurTech Descartes Underwriting has closed a $18.5m series A funding round co-led by Cathay Innovation and Serena.
The news follows a $2.5m seed fund raised by BlackFin Capital Partners, the Agicap and Ravelin investor.
Descartes Underwriting will use the money to expand from its European home market to the US and into Asia, according to Reinsurance News.
The startup will also use the new funds to grow its product range, target larger deals and deepen its tech capabilities and data science team.
Tanguy Touffut, CEO and co-founder of Descartes Underwriting, was confident that the timing of the fund would prove particularly good for the venture.
“Non-life insurance is going through an existential crisis due to the growing impact of climate change and the Covid-19 pandemic: in addition to large losses, the sector is suffering from a lack of trust,” he told Reinsurance News.
“With the support of our partners, we aim at rebuilding customer trust through a new generation of products that are tech-driven, fully transparent and providing swift claims payment.”
Paris-based Descartes Underwriting has previously announced a partnership with Generali Global Corporate & Commercial to offer its parametric insurance products.
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