Descartes Underwriting, an insurtech company specialized in climate risk modeling and data-driven risk transfer hailing from France, announced that it has raised US$18.5 million in Series A funding round. The investors in the round include global venture capital firms Serena, Cathay Innovation, and BlackFin Capital Partners.
Founded in 2018, the insurtech company scales 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 innovative, bespoke and affordable 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.