Neptune Flood, a St. Petersburg, Fla.-based flood insurance provider, secured over $2m in seed funding.
The round was led by Trevor Burgess, the founder and former CEO of C1 Bank, with participation from existing investor and Neptune CEO Jim Albert. In conjunction with the funding, Trevor Burgess and Jonathan Carlon will join Neptune Flood’s Board of Directors.
The company intends to use the funds to expand its sales and marketing efforts nationwide and accelerate its data driven, private flood insurance technology.
Founded in 2016 by insurance and technology industry veterans Jim Albert and Bill Martin, and also led by COO Stephanie Lee, Neptune Flood utilizes advanced mapping technologies and aerial remote sensing to create algorithms for the risk of flooding and bring advanced analytics to the flood insurance marketplace.
The company launched its flood insurance product in early 2017 in Florida, and is now available in Florida, Virginia and Texas with opening across more than a dozen US states expected in early 2018. The product is available today via digital agencies, MGAs and strategic partnerships with homeowner’s insurance carriers. By summer 2018, Neptune will deploy a direct to consumer platform.
The company’s policies are currently backed by Lloyd’s of London, rated “A” (Excellent) by A.M. Best with an issuer credit of A+.