Adaptive Insurance said Tuesday it has raised an additional $5 million in financing to accelerate the development and distribution of specialty insurance coverage intended to address climate and weather-related risks.
The latest round brings its total funding to $10 million and includes new investors IAG Firemark Ventures, Sunna Ventures, Room & Pillar and Connecticut Innovations, alongside existing investors Congruent Ventures and Seraphim Space, the Austin, Texas-based managing general agent said.
The funding will be used to expand its specialty insurance portfolio, grow its distribution network and further develop its climate intelligence platform, Adaptive said.
The MGA earlier this year provided the technology platform for Tokio Marine HCC’s restaurant recovery coverage and last year launched GridProtect, a parametric insurance coverage for short-duration power outages.