Arbol Inc., a New York-based InsurTech company, closed a nearly $7m Series A funding.
Backers included Finch Finance LLC and Space Capital, and Mubadala Capital-Ventures.
The company intends to use the funds to continue to expand operations and its business reach.
Led by Sid Jha, founder and CEO, Arbol is an InsurTech platform for parametric products that pay quickly and fairly covering external risks such as unexpected weather. The company uses Big Data, machine learning, and smart contracts to bring transparency and efficiency to the weather risk market. Its platform facilitated hundreds of deals for institutional clients representing more than $15 million in notional risk over its first eight months of live transactions.