Descartes Underwriting, a Paris-based InsurTech specialising in parametric insurance for climate and emerging risks, has announced a strategic investment from global investment firm Battery Ventures.
While the financial terms of the deal were not disclosed, the transaction was completed at a premium to Descartes’ last known Series B valuation. All existing shareholders have retained a large majority of their equity, with Battery Ventures now joining the company’s cap table. As part of the agreement, Marcus Ryu, partner at Battery Ventures and co-founder of Guidewire Software, will become a board observer at Descartes.
Founded in 2018, Descartes Underwriting develops and distributes data-driven parametric insurance products tailored to climate-related and emerging risks. These solutions offer rapid and objective payouts following events such as hurricanes, floods, droughts and wildfires, aiming to fill protection gaps that traditional insurance products often leave exposed.
The company intends to use the latest investment to accelerate its international expansion and solidify its presence in the North American market, which has already become its largest by volume. Descartes is also focused on continuing its scientific and tech-led approach to improving the efficiency and transparency of climate risk coverage.
Descartes currently operates in over 60 countries, with a workforce of 230 professionals spread across 19 offices on four continents. In 2024, the firm reported over $200m in gross written premiums, marking significant growth and global traction in the climate risk insurance space.
“Over the past six years, Descartes has established itself as the leading parametric insurance business for climate-related risks, remaining true to our scientific approach to risk transfer. As we scale globally to address the widening protection gap around natural disasters, we’re thrilled to welcome Marcus — one of the world’s most accomplished Insurtech entrepreneurs — whose experience and vision will be invaluable as we execute our ambitious roadmap,” said Tanguy Touffut, CEO and co-founder.
“Battery’s investment is a major endorsement of our mission and a strong signal of our commitment to the North American market, already our largest market”, Touffut continued.
Marcus Ryu, partner at Battery Ventures and former CEO and co-founder of Guidewire Software said: “Over twenty years of serving the global P&C insurance industry informs my keen interest in applying technology to address the enormous underinsurance gap. Parametric insurance is one of — if not the — most promising approaches to transfer risk efficiently, and like many industry participants I believe it will continue to grow in importance and adoption.
The team at Descartes Underwriting is uniquely credentialed in this domain, and I am very impressed with the market and thought leadership position they have built with brokers, capacity partners and insureds in a short period.”
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