Adaptive Insurance, a specialty managing general agent (MGA) and insurtech focused on climate resilience, has closed an additional $5 million financing round from new and existing investors to accelerate development and distribution of its AI‑driven specialty insurance products. New investors in the round include IAG Firemark Ventures, Sunna Ventures, Room & Pillar and Connecticut Innovations, joining existing backers Congruent Ventures, Seraphim Space and private stakeholders.
The new capital brings the company’s total funding to $10 million and is intended to help businesses and homeowners address coverage gaps created by climate volatility, shrinking traditional insurance capacity and reduced public support.
Adaptive frames the raise as building on momentum rather than initiating a new direction: the financing will support the expansion of its specialty product portfolio, the growth of its agent and partner distribution network, and the further development of its proprietary climate intelligence platform.
The company situates the need for its products in a broader risk context. Climate and weather events generated an estimated $181 billion global protection gap in 2024; catastrophic climate events caused $115 billion in direct losses in 2025; and FEMA canceled $600 million in Flood Mitigation Assistance grants across 36 states, underscoring how insured and public coverage has failed to keep pace with evolving risks. CEO and co‑founder Mike Gulla notes that businesses and homeowners increasingly face “coverage gaps” where standard policies fall short, “product gaps” where new risks outstrip traditional insurance design, and “infrastructure gaps” driven by climate volatility, shifting populations and shrinking public resources. Adaptive argues that specialty insurance can play a critical role in helping customers build resilience, recover faster, and maintain continuity amid more frequent and severe disruptions.
Adaptive’s flagship product, GridProtect, launched in 2025 as what the company describes as the first parametric insurance for short‑duration power outages. The cover triggers predefined payouts based on verified outages using real‑time third‑party data, rather than requiring a physical claims adjustment, and is designed to address underinsured disruptions caused by grid failures lasting less than 24 hours. Since launch, Adaptive has expanded its suite with a wind and hail deductible buy‑back solution that helps residential and commercial clients reduce out‑of‑pocket exposure, a residential flood product offering broader coverage and higher limits than standard NFIP policies, and commercial equipment breakdown coverage. The company also powers Tokio Marine HCC’s Restaurant Recovery program through its proprietary technology platform, showing how its climate intelligence and parametric triggers can be embedded into carrier‑backed programs.
Investors describe Adaptive’s appeal as lying in its ability to move quickly from identifying market needs to launching products that deliver tangible customer value. Congruent Ventures partner Kevin Kopczynski highlighted the firm’s execution, deep insurance expertise and understanding of how climate and infrastructure risks are reshaping protection needs, and said the fund is “excited to deepen” its support as Adaptive enters its next phase of growth. New investor IAG Firemark Ventures echoed this perspective, noting that consumers and businesses increasingly need insurance solutions that can adapt to risks evolving faster than traditional products were designed to address, and characterizing Adaptive’s platform as the kind of technology‑enabled specialty insurance model that will be important for future resilience and risk management.
KEY QUOTES:
“Businesses and homeowners today face risks from multiple directions at once. We’re seeing coverage gaps where standard policies fall short. Product gaps where entirely new risks have outpaced what traditional insurance was built to address. And infrastructure gaps created by climate volatility, shifting populations, and shrinking public resources. Specialty insurance products have a critical role to play because they allow customers to build resilience, recover faster, and maintain continuity against increasingly unpredictable disruptions. This funding allows us to continue expanding development and distribution of our suite of products and the technology that supports them.”
Mike Gulla, CEO and Co‑Founder, Adaptive Insurance
“What has impressed us most is Adaptive’s ability to move from identifying a market need to launching products that deliver tangible value for customers. The team has demonstrated strong execution, deep insurance expertise and a clear understanding of how climate and infrastructure risks are reshaping protection needs. We are excited to deepen our support as Adaptive enters its next phase of growth.”
Kevin Kopczynski, Partner, Congruent Ventures
“Consumers and businesses increasingly need insurance solutions that can adapt to risks that are evolving faster than traditional products were designed to address. We believe Adaptive’s team is building the type of technology-enabled specialty insurance platform that will play an important role in the future of resilience and risk management.”
Alex Guyer, IAG Firemark Ventures
