Raincoat, a startup developing scalable climate insurance solutions, has announced the closing of an additional $6.5 million seed round.
This follows the $4.5 million Raincoat raised last year, bringing its total raised to date to $11 million.
According to the announcement, the latest round of capital will support the company’s expansion to new markets to provide FEMA-like services – much faster than existing emergency solutions – after particular disasters such as hurricanes and earthquakes in the Caribbean, Mexico, and the Gulf Coast, wildfires in the west, and threats such as flood, drought, and excessive rain in Colombia and Brazil.
