Previsico Gears Up for US Expansion with Fresh Investment
Previsico, a leading insurtech specializing in actionable flood warnings, has successfully secured additional funding. This latest investment round was spearheaded by Burnt Island Ventures, a venture capital firm with a keen focus on water innovation. Joining them in this funding effort are Foresight Capital Ventures and Previsico’s established network of angel investors.
The newly acquired funds will be strategically utilized to bolster and accelerate Previsico’s growth, particularly focusing on expanding its presence across the United States. This region is notorious for its flood-related perils, resulting in financial damages amounting to billions of dollars annually.
Jonathan Jackson, Chief Executive Officer of Previsico, expressed his excitement by stating, “We are thrilled to welcome Burnt Island Ventures as both an investor and board member. Their robust support of our vision is invaluable in propelling Previsico towards continued success. Our partnership is rooted in a mutual commitment to tackling climate change challenges. Burnt Island Ventures offers considerable expertise, notably in the water sector and US market, which will empower us to broaden our efforts in predicting and mitigating flood impacts across diverse industries and geographies.”
Christine E. Boyle, Partner at Burnt Island Ventures, remarked, “The Previsico Flood Intel Platform provides precise flood alerts to property owners and large asset holders at critical moments, enabling timely action. Previsico is revolutionizing flood insurance underwriting for both direct customers and insurance channel partners, and it’s incredibly exciting to be a part of this journey. With substantial evidence of success in the UK, we are eager to collaborate with Previsico on their expansion into the US market.”
David Marock, Chairman of Previsico, commented on the new partnership, saying, “We are delighted to have Burnt Island Ventures join our strong investor group. Their profound understanding of water-related challenges and opportunities aligns perfectly with our mission, and we look forward to leveraging their expertise as we continue to grow.”
The legal team at Mills & Reeve provided advisory support to Previsico during this investment round. Previsico’s cutting-edge live flood forecasting solution integrates real-time weather data, IoT devices, and advanced flood modeling to address surface water flooding. This technology aids insurers, public sector agencies, and businesses in mitigating flood impacts, enhancing resilience, and minimizing losses.
