Sola raises $8 million

Sola Insurance, an Atlanta-based startup offering a supplemental insurance policy to cover deductibles for damage caused by tornadoes, wind, and hail, has raised $8 million in Series A funding, bringing total funding to $11.7 million. The round was led by FINTOP Capital and JAM FINTOP, with participation from 10vc and Georgia Tech.

Founded in 2022, Sola has partnered with several companies including Tokio Marine Kiln, Canopy Weather, Crawford & Company, Spinnaker, and Costero Brokers to offer a policy that reduces out-of-pocket expenses for homeowners with high deductibles. The startup is a Lloyd’s of London coverholder.

“Insurance companies are known for outsourcing core parts of their business. We rebuilt and vertically integrated our policy forms, modeling, claims, and internal tools from scratch, creating a better buying, coverage, and claims experience for customers and agents.” – Wesley Pergament, Co-founder and CEO of Sola.

“We are excited to back Sola for the second time. Their unique tech, disciplined underwriting performance, and agency traction position them to capture a massive market opportunity as traditional carriers raise prices and deductibles.” – John Philpott, General Partner at FINTOP Capital.