We are thrilled to announced that we have gained £1.75M Seed Plus funding, led by Foresight Group, a listed private equity and infrastructure investment manager, to support the next stage of our growth and our mission to minimise the impact of flooding globally.
Flood is the 5th largest global threat risking $43bn of GDP (Lloyd’s city risk index, 2020). With a more volatile climate and increased urbanisation flood losses are predicted to increase tenfold to $1 trillion by 2050 forecasts (WRI). The rapid increase in flood risk creates a significant challenge for insurers preventing them from growing their flood business. Surface-water flooding is the UK’s greatest and Europe’s fastest-growing cause of floods. Climate change is expected to increase its magnitude and frequency, posing serious challenges for people and organisations globally. In 2020, as part of the prestigious Lloyd’s Lab we developed a framework to help insurers work with their customers to minimise flood impacts. A summary report is free to download here
Investment to accelerate flood resilience
At Previsico, our mission is to minimise the impact of flooding globally by delivering the absolute best flood forecasting technology to those who need it. While Previsico is a young company, we have rapidly grown since 2019 having spun out of Loughborough University following twenty years of research and development. We have had increasing traction in the market, including with Zurich and BT, and escalating demand for our market-leading ‘live flood forecasting’ solution. This investment round will help to support the next stage of our product development, including IoT sensors, team expansion and sales growth, in the UK and beyond.
The investment is jointly funded by the Midlands Engine Investment Fund and Foresight Williams Technology. The investment by Williams is particularly pertinent to their Formula 1 team, after Sap Grand Prix ended due to track flooding.
Commenting on the investment, Jordan Lavender, Investment Manager at Foresight, said: “We are really excited to be working with Previsico and helping to develop this market leading technology. Since meeting the team, we have been impressed by both the technical and commercial experience within the management team as well as the interest in the platform from a range of customers. The technology has strong ESG credentials and the company should be well placed to capitalise on some promising opportunities as it looks to grow over the coming years.”
A big thank you
We would like to thank our existing investors and partners who backed us early and many of whom have followed this round and continue to support us as we grow. Innovate UK, Advantage Business Angels and Loughborough University.
Our next steps