TLDR: Understory Raises $15M in Series A Funding
Key Points:
- Understory, a provider of an insurance platform protecting climate-vulnerable industries, raised $15M in Series A funding.
- The round was led by True Ventures and Prelude Ventures to drive expansion into the renewable energy sector.
Understory, based in Madison, WI, offers insurance solutions tailored for climate change. Led by Alex Kubicek and Neil Irwin, the company utilizes a global network of Dot weather stations to enhance weather risk models. Their recent launch of the Dealers Open Lot insurance solution provides risk management for U.S. auto dealers across nearly 1,000 locations. Understory is now focusing on the renewable energy sector, leveraging their proprietary risk mitigation technology that has already saved clients over $65m in weather damage and reduced overall claim trends by 60%.
