Floodbase, a provider of flood data and analytics, has secured a $5m investment in a funding round led by Ecosystem Integrity Fund, with additional backing from Pulse Fund.
The fresh capital will be used to expand Floodbase’s flood insurance programmes, furthering its mission to deliver data-driven solutions that enhance climate resilience, according to InsurTech Insights.
Founded by Bessie Schwarz and Dr. Beth Tellman, Floodbase operates a platform that monitors global flooding in real time, supplying insurers with critical data to develop parametric and traditional flood insurance products. This technology is instrumental in bridging protection gaps in flood-prone regions and industries, allowing insurers to better manage risk.
Since its Series A round in 2023, Floodbase has expanded its reach to over 40 countries and has enabled more than 9,000 flood insurance policies. It has established partnerships with major re/insurers, including Swiss Re Corporate Solutions, Liberty Mutual Re, and AXA Climate, positioning itself as a trusted player in the InsurTech space.
Earlier this month, Aon introduced a new parametric insurance solution in collaboration with Floodbase and Swiss Re Corporate Solutions. The initiative aims to provide coverage for losses caused by hurricane-related storm surges, highlighting the increasing importance of advanced flood analytics in climate risk management and insurance innovation.
Floodbase co-founder and CEO Bessie Schwarz said, “Flood insurance has typically been limited to direct property damage, which only represents a fraction of the overall economic loss. We’re enabling a financial safety net that can cover any economic loss associated with a flood event. Not only does this remove uncertainties around what’s covered, the fast and flexible liquidity is a game changer for those managing the aftermath. With the growing demand for new flood insurance programs, we are thrilled to partner with EIF to accelerate our growth. We’ve known EIF for a long time and are excited to formalize our partnership. With their support, we’ll continue to lead and empower the market to close the global flood protection gap.”
Ecosystem Integrity Fund partner Sasha Brown added, “New solutions are urgently needed to adapt to an increasingly volatile climate. The frequency and severity of floods is growing, adding to the already tremendous global flood protection gap. Floodbase can power a new category of flood insurance products and has become the preferred platform for its insurance partners. We are thrilled to be partnering with the company to help accelerate the growth of their critical resiliency offering.”
With this latest funding, Floodbase has now raised a total of $17m in venture capital.
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