Climate Risk-Solving Insurance Provider Understory Secures $15 Million Series A Funding
Summary
Financing to accelerate growth into the global renewable energy sector and further protect industry from severe weather and other risksMADISON, Wis., June 5, 2024 /PRNewswire/ -- Understory, the insurance platform protecting climate-vulnerable industries from severe weather risk, announced the close of a significantly oversubscribed Series A funding round, securing a substantial $15 million to drive its expansion into the renewable energy sector. This new funding round is a significant milestone, positioning Understory to reshape the property insurance industry and renewable energy landscape. Were excited to be a part of this journey, catalyzing change in critical industries through creating cost-effective insurance solutions that finally address clients longstanding frustrations with legacy players. ""Expanding from a tech-focused startup to a leading figure in the insurance market exemplifies our ability to scale solutions that tackle real-world problems," said Alex Kubicek, co-founder and CEO of Understory. Understory cracked the code, and our approach is the way to close this gap.With a fiercely dedicated and passionate team of both remote and Madison, Wisconsin-headquartered team members, Understorys culture values unwavering support of colleagues, resilience, adaptability, work-life harmony, time for nurturing our families, and fostering communities that care about the wellbeing of people and their livelihoods like we do.