Raincoat develops scalable climate insurance solutions and the underlying technology to enable instantly processed individual claims. The company uses AI to create advanced parametric insurance products and collaborates with industry incumbents to commercialize those products. Its AI work focuses on extracting signals from sparse datasets and modeling rare, catastrophic events. Founded in 2018 by Jonathan González and based in San Juan, Raincoat has secured financing for operations and established agreements for its products in Puerto Rico and beyond. The company was recently selected among 20 Black and Latino entrepreneurs for the Google for Startups Founders Fund. Through that program Raincoat received a $150,000 non-dilutive cash award plus $100,000 in Google Cloud credits and mentorship to support growth and AI development. Raincoat offers parametric insurance products that deliver pre-agreed payouts after trigger events for climate-related disasters. The company was born in the aftermath of Hurricane Maria and focuses on covering weather-related risks without traditional claims processes. The parametric approach is well suited to natural disasters because events can be monitored independently and payouts can be unlocked quickly. That model expands the pool of people who can be insured; in Puerto Rico many people excluded from traditional insurance purchase Raincoat products, CEO Jonathan González told Axios. Raincoat recently raised a $6.5 million seed extension, indicating ongoing early-stage financing activity. The article also notes an industry expectation that parametric insurance will become more common across other types of risks.

Total raised

$7M

Funding rounds

2

Latest round

Seed

Latest activity

Jul 2023