Home / Insurtech / FloodMapp targets new markets after $8.5 million raise
7 February 2022
Startup FloodMapp has completed a $US6 million ($8.49 million) fundraising round and will use the capital injection to scale the company and expand into new markets.
The climate fund of New York-based Union Square Ventures led the round, and Mundi Ventures, Climate X and Jelix Ventures also participated.
FloodMapp provides real time, property-specific flood forecasts, inundation maps and analytics to improve all phases of emergency management. It was co-founded by CEO Juliette Murphy in 2018, and the following year raised $1.3 million in seed funding, which was supplemented by an $800,000 government grant.
It is based in Brisbane, and has an office in San Francisco, with clients spread across Australia and the US. FloodMapp says it provides the most accurate real time flood map forecasts in the world and can predict flooding at a granular, street level in real time.
Ms Murphy says her team has “made the impossible possible”.
“Following years of R&D in AI, hydrology and hydraulics, we’ve developed and scaled our groundbreaking new flood model and we’ve proved the technology in real flood events,” she said.
Customers use FloodMapp to protect critical infrastructure, with product ForeCast successfully used by emergency managers to plan evacuations, and NowCast used to help drivers navigate flooded roads in real time.
“We are now ready for the next stage of our development: scaling the business model to assist more communities and people affected by flooding,” Ms Murphy said.
Union Square Ventures Partner Nick Grossman says he is thrilled to partner with FloodMapp, “our very first adaptation-focused investment”.
“What excites us most about FloodMapp is the data network effect. FloodMapp is collecting real-time ground observation data to continually validate and improve models,” Mr Grossman said.
The world is facing a climate crisis and “we need the best and brightest thinkers, innovators and inventors from around the world to turn their collective talent to finding solutions,” he said.