Previsico, the UK-based InsurTech specializing in live flood alerts, has closed its Series A funding round, setting the stage for a major expansion push.
Investors included Connecticut Innovations, the venture arm of the State of Connecticut, BlueOrchard Finance under Schroders, plus renewed commitments from early backers Burnt Island Ventures and Foresight Capital.
The company said the new capital will accelerate upgrades to its forecasting platform, widen coverage across the UK and U.S., and support entry into emerging markets where climate adaptation tools are in demand but insurance uptake remains low.
According to its own estimates, pluvial flooding could cause $850 bn in global losses annually by 2050 – a looming cost that leaves both developed and developing economies vulnerable.
The urgency feels grounded in numbers. NOAA recorded $7 bn in flood damages across the U.S. in 2023, while the UK suffered its costliest flood year in 2024 with payouts topping £650 mn.
Insurers face mounting exposure, and tech-driven solutions like Previsico’s promise earlier warnings and stronger resilience for businesses and communities.
BlueOrchard said its investment fits its mandate to back scalable climate-focused ventures. Richard Hardy, investment director at the firm, called Previsico “an excellent example of innovation” and noted its potential to improve protection across underinsured regions.
Connecticut Innovations took a similar stance. Managing director Konstantine Drakonakis said the U.S. has lagged on localized flood forecasting and pointed to Previsico’s platform as well positioned for adoption.
He also highlighted its growing reputation as not just a forecasting provider but as a partner in adaptation strategies.
We are pleased to invest in Previsico, which is starting to gain a global reputation not only as a live flood forecasting provider, but also as a partner in helping organisations and communities adapt to climate risks and manage the financial implications of extreme weather.
Konstantine Drakonakis, Connecticut Innovations managing director of investments
“We are behind the eight ball here in the US on flood forecasting at the local level and Previsico’s platform is well positioned for our markets,” Konstantine Drakonakis says.
CEO Jonathan Jackson described the raise as a pivotal milestone. He said the round enables Previsico to grow faster and pursue its mission of building resilience against flooding – a threat he called both urgent and global.
BlueOrchard investment director Richard Hardy said, “Part of our role in expanding climate insurance across emerging markets is to ensure these regions gain access to world-leading climate technologies”.
Investors backing climate-focused tech often talk in abstractions, but here the stakes feel raw. Flood risk is climbing, insurance coverage isn’t keeping pace, and forecasting tools like Previsico’s might end up bridging that widening gap.
