Understory raises $15 million
Understory, a provider of insurance solutions built for the era of climate change, announced the close of a $15 million Series A funding round co-led by True Ventures and Prelude Ventures.
Founded in 2012, Understory originally focused on weather risk solutions, but it later started to offer insurance coverage as an MGA. Following the “highly successful launch” of its Dealers Open Lot product, which provides coverage for auto dealers across nearly 1,000 locations, the company is launching a product offering focused on the renewable energy sector. The product harnesses Understory’s proprietary risk mitigation technology that has already reduced weather damage for its clients by over $65 million and effectively reduced overall claim trends by 60%.
“The Understory team has brought a new, next-generation level of data intelligence to the insurance market. This new funding round is a significant milestone, positioning Understory to reshape the property insurance industry and renewable energy landscape. We’re thrilled for the team as they continue to see so much promising traction.” – Puneet Agarwal, partner at True Ventures.
“Aligning with Understory’s venture into renewables couldn’t be more perfect for us. Their tech-driven, data-first approach to insurance is exactly what the renewable sector needs to continue its accelerated growth as we transition to a green energy future. We’re excited to be a part of this journey, catalyzing change in critical industries through creating cost-effective insurance solutions that finally address clients’ longstanding frustrations with legacy players.” – Tim Woodward, managing partner at Prelude Ventures.
“Expanding from a tech-focused startup to a leading figure in the insurance market exemplifies our ability to scale solutions that tackle real-world problems. Our latest venture into renewable energy insurance underpins our commitment to rearchitecting insurance structures that support sustainable industry growth while mitigating environmental risks.” – Alex Kubicek, co-founder and CEO of Understory.
