Floodbase, a parametric platform for insuring uncovered flood risk, announced a $5 million investment led by Ecosystem Integrity Fund (EIF) with participation from Pulse Fund. The investment will enable Floodbase to accelerate the development of flood insurance programs, solidifying its position as the industry standard for a new category of flood insurance.
Flooding is known as the most pervasive natural disaster, but most global economic flood losses over the past decade have been uninsured. And Hurricane Helene was the most devastating natural catastrophe in 2024, estimated to have caused $75 billion in economic loss, mainly due to flooding. Season after season, businesses and local governments are left to navigate financial uncertainty and millions of dollars in damages, lost revenue, and recovery expenses. The expected increase in flood intensity and frequency only amplifies the need to address uninsured risks and secure rapid funds as floods happen.
Since the series A funding in 2023, Floodbase has operated across 40+ countries and enabled more than 9,000 flood insurance policies, becoming a preferred partner for leading re/insurers, including Swiss Re Corporate Solutions, Liberty Mutual Re, and AXA Climate. Floodbase’s platform, built on a decade of groundbreaking peer-reviewed science, continuously monitors flooding globally, allowing the company to power flood insurance programs across industries and geographies.
Co-founded by Bessie Schwarz and Dr. Beth Tellman, Floodbase has now raised $17 million in venture capital, including funding from Collaborative Fund, Floating Point, Lower Carbon Capital, and Vidavo Ventures. It defies this trend and sets an example for diversity in tech innovation.
KEY QUOTES:
“Flood insurance has typically been limited to direct property damage, which only represents a fraction of the overall economic loss. We’re enabling a financial safety net that can cover any economic loss associated with a flood event. Not only does this remove uncertainties around what’s covered, the fast and flexible liquidity is a game changer for those managing the aftermath.”
“With the growing demand for new flood insurance programs, we are thrilled to partner with EIF to accelerate our growth. We’ve known EIF for a long time and are excited to formalize our partnership. With their support, we’ll continue to lead and empower the market to close the global flood protection gap.”
– Bessie Schwarz, Co-founder and CEO of Floodbase
“New solutions are urgently needed to adapt to an increasingly volatile climate. The frequency and severity of floods is growing, adding to the already tremendous global flood protection gap. Floodbase can power a new category of flood insurance products and has become the preferred platform for its insurance partners. We are thrilled to be partnering with the company to help accelerate the growth of their critical resiliency offering.”
– Sasha Brown, Partner at Ecosystem Integrity Fund
“By funding adaptation projects and cutting edge climate tech companies like Floodbase, Pulse Fund aims to bolster resilience and enhance the economic security of communities. Floodbase’s platform enables a much needed, new category of flood insurance products at a time when historic flood events, and the financial devastation they cause, are becoming the norm.”
– Pulse Fund Founder and Managing Partner, Tenzin Seldon
