Puerto-Rico based Raincoat, an insurtech developing climate insurance solutions, received a $4.5 million seed-round led by leading insurtech investment fund Anthemis and SoftBank. This round of funding also includes Chilean financial group Consorcio, Miami-based 305 Ventures, New York-based Divergent Capital, and Banco Popular de Puerto Rico.
The round is the highest ever disclosed by a startup founded and operated from Puerto Rico. According to co-founder and CEO Jonathan Gonzalez, the funds will be allocated to accelerate expansion into new markets and to develop more products.
Founded in 2019, Raincoat offers weather insurance solutions to provide end-to-end automated products to governments, financial institutions, and insurers to protect people affected by natural disasters such as hurricanes, earthquakes, or floods.
Currently, they offer automated agricultural or catastrophic cover solutions in Jamaica, Colombia and Mexico. The Dominican Republic and Chile are next, according to Gonzalez.
Raincoat previously had received funding from incubators or acceleration programs like Grupo Guayacán, Parallel18 and the Rising Entrepreneurs Program of the foundation of Puerto Rican investor Orlando Bravo.
In one year, Raincoat’s staff has grown from three to 11 people, distributed between Puerto Rico, the Czech Republic and Colombia, and plan to raise a Series A next year.