Raincoat raises $4.5 million

Raincoat, a Puerto Rican startup developing climate insurance solutions with parametric triggers, has closed a $4.5 million seed round led by Anthemis, with participation from SoftBank Group’s SB Opportunity Fund, Banco Popular, Consorcio, 305 Ventures, and Divergent Capital.

Founded in 2019, Raincoat is looking to offer automated insurance solutions that enable financial institutions, governments, and insurers to provide immediate payouts in the event of climate events and natural disasters. The startup has active corporate projects in Puerto Rico, Jamaica, Mexico and Colombia.

“While fully-automated insurance holds the key to insuring the most vulnerable against ever-more frequent climate disasters, the obstacles to fully implement these programs at scale are incredibly complex. Our team hands off an end to end, fully operational, tailor-made solution that can be embedded in our partner’s existing channels, facilitating their claim response to end users. We gather all industry and local regulations, capacity, science, data and software development to deliver an automated parametric insurance product that covers all the stages of a policy lifecycle.” – Jonathan González, co-founder and CEO of Raincoat.