Floodbase raises $5 million
Flood data company Floodbase announced a $5 million investment led by Ecosystem Integrity Fund with participation from Pulse Fund. The investment will allow Floodbase to accelerate development of flood insurance programs.
Co-founded by Bessie Schwarz and Dr. Beth Tellman, Floodbase has now raised $17 million in venture capital. Since its series A in 2023, Floodbase has operated across 40+ countries and enabled more than 9,000 flood insurance policies, becoming a preferred partner for re/insurers including Swiss Re Corporate Solutions, Liberty Mutual Re, and AXA Climate. The Floodbase platform continuously monitors flooding globally, allowing the company to power flood insurance programs across industries and geographies.
Earlier this month, Aon launched a new parametric insurance solution for losses from hurricane-related storm surge in partnership with Floodbase and Swiss Re Corporate Solutions.
“Flood insurance has typically been limited to direct property damage, which only represents a fraction of the overall economic loss. We’re enabling a financial safety net that can cover any economic loss associated with a flood event. Not only does this remove uncertainties around what’s covered, the fast and flexible liquidity is a game changer for those managing the aftermath. With the growing demand for new flood insurance programs, we are thrilled to partner with EIF to accelerate our growth. We’ve known EIF for a long time and are excited to formalize our partnership. With their support, we’ll continue to lead and empower the market to close the global flood protection gap.” – Bessie Schwarz, Co-founder and CEO of Floodbase.
“New solutions are urgently needed to adapt to an increasingly volatile climate. The frequency and severity of floods is growing, adding to the already tremendous global flood protection gap. Floodbase can power a new category of flood insurance products and has become the preferred platform for its insurance partners. We are thrilled to be partnering with the company to help accelerate the growth of their critical resiliency offering.” – Sasha Brown, Partner at Ecosystem Integrity Fund.
