Norwegian InsurTech startup 7Analytics, which focuses on flood data analytics, has received investment from IAG Firemark Ventures, the corporate venture capital arm of general insurer IAG.
To date, 7Analytics has secured approximately $8.09 mn in funding.
- In September 2022, it raised $2.5 mn in a seed round led by Momentum Partners, with participation from Construct Venture and Link Capital.
- In May 2024, the company secured an additional €4 mn (around $4.4 mn) from Scale Capital to support its expansion into North America and Northern Europe.
The financial terms were not disclosed, but IAG Firemark Ventures will join 7Analytics’ group of investors. The funding will support commercial and geographic expansion.
Founded in Bergen, Norway, with a U.S. headquarters in Boston, Massachusetts, 7Analytics applies geoscience and machine learning to build predictive models for floods and landslides.
These models help residential and commercial insurers assess flood risks at the asset level, offering critical insights as extreme weather events become more frequent.
With this investment, 7Analytics plans to scale its operations and extend its market presence. The company aims to strengthen insurers’ risk assessment capabilities as climate change drives more severe flooding.
Co-founder and chief operating officer Jonas Aas Torland emphasized the urgency of addressing shifting climate patterns. “Recent years have seen heavy rainfall impact areas that had never experienced such events. Our platform assumes the next major event could strike anywhere. This investment from Firemark Ventures will accelerate our commercial and geographic growth.”
IAG Firemark Ventures general partner Scott Gunther underscored the need for insurers to rely on real-time, data-driven insights.
We’ve seen first-hand the devastating impact of floods and major events on communities. As the frequency and severity of weather events continue to increase, having up-to-date information enables insurers to help customers understand their risks and take proactive measures to enhance their resilience.
Scott Gunther, general partner at IAG Firemark Ventures
7Analytics joins Firemark Ventures’ expanding portfolio, which includes Near Space Labs and RavinAI. RavinAI has reduced motor insurance claim processing times by 11 days using tow truck imagery analysis.
Gunther reaffirmed Firemark Ventures’ strategy of investing in startups that advance insurance innovation. “IAG Firemark Ventures connects IAG with startups to change how we deliver insurance. We have a proven track record of integrating startups into our business. We look forward to seeing what these global leaders can bring to the Australian and New Zealand insurance markets in 2025.”
This investment aligns with Firemark Ventures’ broader strategy of applying advanced technology to address climate change and evolving risk factors.
7Analytics is a Norwegian InsurTech startup founded in 2020. The company focuses on AI-driven predictive models for floods and landslides, helping insurers assess risk at the asset level.
