According to reports by Sky News, the British start-up, which helps to forecast floods more accurately raised the $2.4 million from a syndicate of prominent investors. Previsico, which was spun out of Loughborough University in 2019, also secured the backing at a significant premium to its previous funding round.
The round was led by VC investor 24Haymarket (24H) and supported by the Foresight Group (Foresight), a leading infrastructure and private equity investment manager.
The investors recognised the traction that Previsico has gained with major corporations, such as Network Rail, National Grid, and The Guinness Partnership, and leading insurers, such as Zurich, Liberty Specialty Markets, and Generali, along with the huge commercial potential for its world-leading live flood forecasting technology and its ability to have substantial, positive environmental and social impact. They were also impressed with the technical and commercial expertise of the management team.
Speaking about the additional capital, Jonathan Jackson, CEO of Previsico, explained: “We are thrilled to welcome 24H as a new investor, as this not only brings valuable funding but also provides us access to a valuable network of accomplished business leaders. It’s equally gratifying that we’ve seen a significant increase in valuation that reflects the business’ strong sales growth since 2021.
Flooding continues to be the most common and costly natural hazard in North America, with flood-related hazards causing more than $85 billion in damage and economic losses in 2021 alone. These events weaken and destroy infrastructure, upend the livelihoods of families and businesses, and even cause chaos at sporting events, concerts, and festivals, like Burning Man.
Previsico’s next generation live flood forecasting solution brings together the latest weather data from the Met Office, IoT devices on the ground, and its advanced flood modelling capabilities to address the increasing global issue of surface water flooding for insurers, the public sector, and major corporate clients and SMEs.
Paul Hewitt, 24H Investor Director, commented: “Previsico’s flood forecasting technology provides users with early warnings to take preventative action to reduce damage and losses from flood water. The value proposition to its customers stretches beyond loss mitigation and importantly reduces the negative social impact of flooding. We are thrilled to support Previsico’s CEO Jonathan Jackson and his wider team on this exciting journey.”
“Floods are one of the most common – and most destructive – natural hazards, and are becoming more frequent. There is a growing need for accurate predictions of flooding events in the UK and beyond, and Previsico has the best model to do this. Better early warnings of flash floods enable preventative action to be taken, improving resilience and reducing damage. We are excited to continue to support the business though its next stage of growth,” said Anastasia Sagaidachna, Investment Manager at Foresight.
David Marock, Chairman of Previsico, added: “We are delighted to have secured enthusiastic support from two distinguished investment houses for this funding round. This resounding vote of confidence in our vision, which will enable us to build on our success to date here in the UK while also expanding into the US, fuels our excitement and commitment to enhancing resilience by predicting and mitigating flood impacts globally.”
