Adaptive Insurance raises $5 million
Insurance startup Adaptive Insurance announced the close of an additional $5 million in financing from investors IAG Firemark Ventures, Sunna Ventures, Room & Pillar, and Connecticut Innovations, Congruent Ventures, Seraphim Space, and private stakeholders. The round brings Adaptive’s total funding to $10 million.
Founded in 2024, the Texas-based MGA launched GridProtect last year, a parametric insurance for short-duration power outages that triggers predefined payouts based on verified outages using real-time third-party data. The company has since expanded its product suite with a wind/hail deductible buy-back solution to help residential and commercial clients reduce out-of-pocket deductible exposure and a flood product that provides greater protection and flexibility than the NFIP policy. The company also offers equipment breakdown coverage to commercial clients and powers Tokio Marine HCC’s Restaurant Recovery through its proprietary tech platform.
The investment will help Adaptive develop new coverages, grow its agent and partner distribution network, and continue development of its climate intelligence platform.
“Businesses and homeowners today face risks from multiple directions at once. We’re seeing coverage gaps where standard policies fall short. Product gaps where entirely new risks have outpaced what traditional insurance was built to address. And infrastructure gaps created by climate volatility, shifting populations, and shrinking public resources. Specialty insurance products have a critical role to play because they allow customers to build resilience, recover faster, and maintain continuity against increasingly unpredictable disruptions. This funding allows us to continue expanding development and distribution of our suite of products and the technology that supports them.” – Mike Gulla, CEO and Co-Founder of Adaptive Insurance.
“What has impressed us most is Adaptive’s ability to move from identifying a market need to launching products that deliver tangible value for customers. The team has demonstrated strong execution, deep insurance expertise and a clear understanding of how climate and infrastructure risks are reshaping protection needs. We are excited to deepen our support as Adaptive enters its next phase of growth.” – Kevin Kopczynski, Congruent Ventures.
