Paris-based InsurTech company Descartes Underwriting, which provides parametric insurance for climate and emerging risks, has received a strategic investment from tech-focused investor Battery Ventures.
Though the exact amount was not disclosed, the deal was struck at a premium to Descartes’ previous Series B valuation. All existing shareholders retained the majority of their equity. As part of the deal, Battery Ventures partner and former Guidewire Software CEO Marcus Ryu will join Descartes as a board observer.
Descartes offers insurance products that use data and triggers to provide rapid payouts after events like floods, wildfires and hurricanes. The firm operates across 60 countries, has 230 employees in 19 offices, and wrote over $200m in gross premiums in 2024.
The company will use the funding to strengthen its position in North America and scale its global operations.
Descartes CEO Tanguy Touffut said, “Over the past six years, Descartes has established itself as the leading parametric insurance business for climate-related risks… we’re thrilled to welcome Marcus… whose experience and vision will be invaluable as we execute our ambitious roadmap.”
Ryu added, “Parametric insurance is one of — if not the — most promising approaches to transfer risk efficiently… I am very impressed with the market and thought leadership position they have built.”
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