InsurTech Arbol completed a Series A fundraising round worth about $7m. No exact number was given.
Arbol boasted that its Series A round was oversubscribed and completed at a significant increase in valuation from its initial seed round. All of the company’s original seed investors, including Finch Finance LLC and Space Capital, recommitted for the Series A round, in addition to one new investor Mubadala Capital.
“Our strong Series A fundraising positions us extremely well to grow our team at a rapid pace while expanding our commitment to offer fair and fast financial protection for our customers affected by external risks such as climate change,” said Sid Jha, founder and CEO of Arbol.
“This new capital, paired with having dedicated risk capacity, gives us the ability to continue to invest in and significantly grow the footprint of the Arbol platform. We are proud that all of our original investors remain committed to our mission and our growth. We are particularly excited about adding Mubadala Capital-Ventures as a partner in our efforts, and we look forward to working with their team.”
Luke Nicklin, director at Mubadala Capital, added, “At Mubadala, we are committed to partnering with exceptional founders early on in their journeys and supporting companies as they scale successfully.
“We saw in Arbol an opportunity to leverage geospatial data and next-gen underwriting analytics, to bring efficiency and transparency to the insurance industry, and ultimately help businesses of all sizes manage climate risks. We look forward to the progress this new round of capital will enable, and the long-term impacts the Arbol platform will have.”
Copyright © 2021 FinTech Global
