Parametric insurtech Sola, a company providing data-driven property insurance solutions, has announced that it has secured $8 million in Series A funding, bringing its total funding to $11.7 million.
Since its seed round last year, the company has grown revenue sevenfold, launched its flagship wind and hail programme, and become a Lloyd’s of London coverholder.
The funding will be used to scale revenue into eight figures, grow Sola’s sales and product teams, and expand access to its coverage for more homeowners. With a growing waitlist of insurance agencies, the company is positioning itself to reach more customers when they need protection most.
“Insurance companies are known for outsourcing core parts of their business,” added Wesley Pergament, Co-founder and CEO of Sola. “We rebuilt and vertically integrated our policy forms, modelling, claims, and internal tools from scratch, creating a better buying, coverage, and claims experience for customers and agents.”
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“We are excited to back Sola for the second time,” commented John Philpott, General Partner at FINTOP Capital. “Their unique tech, disciplined underwriting performance, and agency traction position them to capture a massive market opportunity as traditional carriers raise prices and deductibles.”
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