Raincoat, a San Juan, Puerto Rico-based startup developing scalable climate insurance solutions, raised additional $6.5M in funding.
The round, which brought the total amount to $11M, was led by TwoSigma Ventures along with European based VC firm Mundi Ventures, Revolution’s Rise of the Rest Seed Fund and EleFund.
The company intends to use the funds to scale the platform in new markets.
Led by CEO Jonathan González, Raincoat develops white label climate insurance products enabling a new generation of parametric insurance-at-scale. Its embedded parametric insurance model enables distribution channels to offer protection against the occurrence of a specific event given fixed parameters instead of the magnitude of losses incurred. Raincoat works with financial institutions, governments, and insurers to deploy automated, end-to-end products for protecting individuals and small businesses affected by these natural disasters.
FinSMEs
26/06/2023