Norwegian flood risk startup, 7Analytics has announced a successful funding round of €4m from Scale Capital, a prominent investment firm.
This funding injection signifies a significant milestone for the startup as it continues to grow and innovate in the field of flood risk management, according to InsurTech Insights.
The tranche is set to help fuel the firm’s expansion plans, with a focus on entering the lucrative US market later this year.
The company aims to offer its advanced flood risk solution to insurance companies and asset owners, providing them with invaluable insights to mitigate potential risks and enhance decision-making processes.
This plans follows the quick success that it has had since its 2020 inception – as it has emerged as a leader in the field.
Jonas Aas Torland, 7Analytics’ CCO and co-founder said, “Flooding has the highest economic impact on society in terms of natural disasters, yet insurers are leaving flood-prone areas because they lack adequate risk information. Through our deeper approach, we are giving insurers data that accurately assess the specific risk of each property.”
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