Adaptive Insurance raises $5 million
Adaptive Insurance has closed a $5 million seed funding round led by Congruent Ventures, with participation from Montauk Climate, Generation Space, and private funders. The financing will accelerate the nationwide rollout of Adaptive Insurance’s parametric insurance products, starting with its flagship product, GridProtect.
Founded in 2024, the Texas-based startup offers a short-term power outage insurance product that provides immediate financial relief for businesses impacted by short-duration power outages. The startup plans to develop additional parametric insurance products, scheduled to launch by the end of the year, aimed at addressing a broader range of climate and weather-related risks.
“After more than 20 years in the insurance industry, I’ve witnessed firsthand the growing impact of climate shifts on both the insurance market and consumers. With the severity of weather extremes, population shifts, regulations, and legacy systems, traditional insurance models simply aren’t agile enough to mitigate the immediate financial shocks that businesses face during increasingly frequent power outages. With GridProtect (and all our parametric solutions), we want to change that. By leveraging AI and real-time climate data, we’re offering businesses rapid relief and resilience against everyday weather events, eliminating the traditional waiting periods. We’re immensely grateful to have found like-minded investors keen to support us on this mission as we set out to change how businesses safeguard against climate risks.” – Mike Gulla, CEO and Co-Founder of Adaptive Insurance.
“The environment is changing faster than our communities, infrastructure and traditional insurance can adapt – leaving businesses to bear the risk of increasingly frequent disruptions. Starting with GridProtect, Adaptive Insurance combines proven insurance sector experience with a forward-thinking, data-driven framework to offer customers simple and timely solutions to seemingly complex risks. We are excited to be partnering with the team to rethink what climate insurance can be.” – Kevin Kopczynski at Congruent Ventures.
“The most important aspect to understand about Adaptive is that it offers businesses immediate financial relief when short-term power outages strike. Traditional insurance is usually slow and complicated, but Adaptive is changing that. This is the first-ever short-duration power outage insurance product designed specifically to protect U.S. business owners. Adaptive is filling a massive gap with a simple, fast, and effective platform. We’re big believers in the potential of parametric product applications within the insurance industry.” – Philip Krim at Montauk Climate.