Descartes Underwriting raises $120 million

Descartes Underwriting closed a $120 million Series B funding round led by Highland Europe with participation from Eurazeo, Serena, Cathay Innovation, Blackfin Capital Partners and new entrants Seaya Ventures and Mundi Ventures. The fresh round of capital comes 18 months after the firm’s $18.5 million Series A funding.

Founded in 2018, the French startup offers products which cover the full spectrum of natural catastrophes and emerging risk exposures . Its parametric insurance solutions leverage new data sources combined with AI to “challenge traditional insurance models.”

“The corporate insurance market is undergoing a momentous shift driven by a changing climate, the growing impact of natural catastrophes and a rise in emerging risks. Our aim is to be the global leader in delivering truly revolutionary solutions to brokers, corporations and public entities for these evolving exposures. With the support of our partners, we will continue to develop and deploy a new generation of insurance products that are entirely tech-driven, simpler, more transparent and quicker to pay in the event of a loss – adapted for the new risks corporations and governments increasingly face.” – Tanguy Touffut, CEO and co-founder of Descartes Underwriting.

Descartes serves a wide portfolio of over 200 corporate clients, including many Fortune 500 organizations.