Descartes Underwriting, an insurtech company specialising in climate risk modelling and data-driven risk transfer, has raised USD 18.5 million in a series A funding round.
The round was led by global venture capital firms Serena, Cathay Innovation and BlackFin Capital Partners. The fresh round of capital comes 18 months after raising USD 2.5 million in seed funding from BlackFin Capital Partners.
Descartes Underwriting is disrupting the insurance industry by scaling up parametric insurance, leveraging new technologies and data science to challenge traditional insurance models. Founded by a team of experienced insurers and reinsurers, Descartes works with corporate brokers to design and underwrite insurance solutions.
The new financing will be used to support Descartes’ global expansion to the US and Asia. While headquartered out of Paris, Descartes covers a wide variety of geographies including Europe, North America, Latin America, and Asia and plans to open new offices in New York and Singapore. Descartes will also use the funds to grow its product range, target larger deals and deepen its tech capabilities and data science team.
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