The team performance platform will use the funding to expand its guided team workshop software, grow its team, and increase market presence. 

MENLO PARK, Calif., June 6, 2024 — Rising Team, the industry-leading team performance platform, today announces the completion of its Series A funding of $8 million. The round was led by Zeal Capital Partners alongside previous investors including Peterson Ventures, Roble Ventures, Female Founders Fund, Burst Capital, and Supernode Ventures. This investment allows Rising Team to enhance its team performance platform with AI, hire new team members, and expand its market presence.

Rising Team addresses the challenges that leaders in hybrid and distributed workplaces face in building high-trust, high-performing teams. As efficiency mandates continue, middle managers are under pressure to “do more with less” and 75% of them report feeling overwhelmed according to Gartner. This makes Rising Team–which equips managers at all levels to improve team effectiveness and strengthen trust and connection–especially critical.

Rising Team software enables managers to lead science-backed team development workshops and connection-building exercises that increase trust and improve performance, without an outside facilitator. By running these software-guided team sessions, Rising Team customers see significant lifts in employee engagement, psychological safety, eNPS and manager effectiveness. This summer, Rising Team will introduce aRTi, a conversational AI leadership coach that combines research-based leadership best practices with unique insights about individual team members gathered from Rising Team sessions. aRTi offers personalized recommendations and scripts, helping managers and their teams provide effective feedback, accommodate working style preferences, show appreciation, and more.

“We expect today’s leaders to build engaged, high-performing teams, even in distributed and hybrid workplaces. However, while companies regularly measure employee engagement, they often leave managers without tools to help them improve it,” said Jennifer Dulski, Founder & CEO of Rising Team. “We’re thrilled to have support from Zeal Capital as we enhance our platform so managers at every level can increase engagement, connection, and performance on their teams. Rising Team is helping leaders become more effective by combining deep human connection with intuitive AI capabilities that support every leader and team inside an organization.”

Rising Team’s customers range from Fortune 500 technology, manufacturing and financial services companies, to mid-sized companies and scaling startups, to government agencies and schools. By running Rising Team sessions, customers achieve:

• 90%+ of team members reporting they feel more connected
• Up to 60% higher eNPS scores after completing 4 Rising Team sessions
• 20-40% increase in intent to stay

“The role of team development tools in today’s workplace is crucial for maintaining culture and profitability” said Nasir Qadree, Founder and Managing Partner at Zeal Capital Partners. “Our firm is committed to scaling businesses that narrow skills gaps and enhance employee collaboration, and Rising Team is executing this strategy by pioneering advancements in team performance software to empower middle managers and leaders at all levels. We have strong conviction in the company’s mission and are excited to invest in Rising Team’s next stage of growth.”

For more information, visit risingteam.com or refer to our guide 4 Ways to Build Psychological Safety & Trust in Teams.

About Rising Team

Rising Team provides the industry leading team performance platform. Its software enables companies to increase employee engagement and retention, scale talent development, and improve culture and connection. Covering all the leadership topics that drive high-performing teams, the software equips managers with everything they need to run deeply connecting, fun, and interactive team-building sessions, remotely or in-person, without needing an outside facilitator. Leading companies, including Bank of Hawaii, Yahoo!, DXC, Achieve, and many more, are using Rising Team to develop stronger managers and higher performing teams.

About Zeal Capital Partners

Zeal Capital Partners is a leading venture capital firm based in Washington, DC that invests in diverse management teams building enduring companies to generate above-market rate returns and impact. Zeal partners with founders who are building high-growth, early-stage businesses across the financial technology, employment pathways, and health equity verticals. Founded in 2020 by Nasir Qadree, Zeal leverages its market-backed Inclusive Investing™ strategy to narrow wealth, skills, and healthcare gaps in the United States, and at scale globally.

Contact: Steph Hadas
[email protected]

SOURCE Rising Team

Guidewire partnership also includes the future launch of the Ready for Guidewire validated Indico accelerator, which will enable insurers to automatically ingest unstructured submission data into PolicyCenter, drastically improving decision-making in the underwriting process

BOSTON, June 6, 2024 — Indico Data, the industry’s leading solution for the automating of critical intake workflows across the policy lifecycle, today announced the successful closure of a $19M funding round with a strategic investment from Guidewire, a premier platform for Property and Casualty (P&C) insurers. This strategic financial infusion and partnership with Guidewire will accelerate Indico Data’s mission to deliver cutting-edge AI technology to enable enterprises to make better decisions with better data driving improved operational efficiency and top-line revenue growth.

Indico’s latest funding round, led by .406 ventures and joined by Guidewire and existing investors, Sandbox Industries, Osage Venture Partners, and Jump Capital, signifies a strong vote of confidence in Indico Data’s momentum and its pivotal role in the data-to-decision revolution. The investment will be instrumental in enhancing the company’s first to market “hybrid” Discriminative and Generative AI platform, extending its global reach, and bolstering customer success initiatives, ensuring enterprises can leverage their data like never before.

In conjunction with this investment, Indico Data, a former Guidewire Insurtech Vanguard and current Guidewire PartnerConnect Solution partner, is excited to announce that its Ready for Guidewire validated accelerator, a powerful integration designed to seamlessly connect Indico Data’s intelligent intake solution with Guidewire PolicyCenter, is coming soon. The integration will address the critical challenges faced by underwriters in managing the volume and complexity of unstructured data in broker submissions. Traditionally, underwriters spend countless hours manually extracting and inputting data from submission emails and documents into PolicyCenter, a process that is not only tedious but also prone to errors.

By leveraging Indico’s Intelligent Intake solution, underwriters will be able to automate data population in PolicyCenter, processing structured, semi-structured, and unstructured data with ease. This integration will ensure immediate access to vital data, allowing underwriters to expedite the quote process, enhance decision-making, and ultimately grow underwriting premiums.

“We are thrilled to announce the successful closure of our latest funding round, which includes a strategic investment from Guidewire,” said Tom Wilde, CEO of Indico Data. “This investment, along with the future launch of our Guidewire accelerator, represents a significant step forward in our mission to transform the underwriting and claims processes for P&C insurers. The integration with Guidewire PolicyCenter will enable our customers to automate the ingestion of unstructured data, enabling them to make better decisions around what risk to underwrite. This partnership not only validates our innovative approach but also accelerates our ability to drive growth and deliver cutting-edge solutions to the insurance industry.”

“Guidewire is focused on identifying best-of-breed solutions to ensure our customers can solve their underwriting and claims challenges end to end with the Guidewire platform,” said Jay Grayson, Head of Corporate Development & New Ventures at Guidewire. “Indico’s deep experience in developing and deploying large language model-based solutions for unstructured data, combined with their experience and expertise with P&C Insurance makes them a great fit for Guidewire’s global customer footprint.”

About Indico Data
Indico Data automates critical workflows for enterprises in document-intensive industries, including insurance, financial services and healthcare. Leveraging Indico’s first to market hybrid Discriminative and Generative AI technology, Indico’s Intelligent Intake™ Solution, enables organizations to free their experts from tedious, manual tasks, allowing them to drive better decisions with better data. Visit IndicoData.ai to learn more.

SOURCE Indico Data

PHOENIX, June 6, 2024 — Mindset Medical, Inc., a software as a medical device company, has announced the closing of a Series A financing. Grayhawk Capital and Questa Capital led the financing round, with participation from AZ Venture Development Corporation, Amgen Ventures and Nova Prime. The proceeds will be used to further develop Mindset Medical’s proprietary non-contact physiological measurements application, Informed Vital Core, and, to conduct clinical studies to support the use of the software as a medical device. 

Mindset Medical, Inc., (mindsetmedical.com) headquartered in Phoenix, AZ, has developed a virtual health solution that combines the safety and convenience of a virtual health visit with the data that comes with traditional in-person care. Using secure and encrypted links delivered by SMS text messaging, the healthcare provider can collect up-to-the-minute patient data and remotely monitor patient outcomes and recovery. All communication and data collection are conducted via the patient’s smartphone or mobile device; no external hardware or specialized devices are required. By introducing medically necessary and objectively measured physiological vital signals to remote health interactions, Mindset Medical seeks to advance the feasibility and quality of virtual health applications.   

About Grayhawk Capital

Grayhawk Capital invests primarily in B2B disruptive SaaS solutions across a variety of verticals, including Healthcare IT, Cybersecurity, FinTech and Business Productivity. Grayhawk seeks early-growth stage companies with $2MM-$6MM in recurring revenue with capital efficient models in $1B+ global markets. We look for management teams with outstanding founders who are leaders, ambitious and coach-able.

Learn more at https://www.grayhawk.vc/      

About Questa Capital

Questa Capital is a venture growth equity firm focusing on investments in expansion-stage healthcare companies. Questa seeks out disruptive, technology-enabled business models that help improve patient lives, streamline market inefficiencies, and provide better quality care. The firm partners with superior management teams to help build innovative market leaders in the healthcare technology, services and medical devices sectors. Questa is led by industry veterans in healthcare investment and operations who have invested in and advised more than 60 growth-stage companies. More information is available at www.questacapital.com.

About AZ Venture Development Corporation

At Arizona Venture Capital, we invest in early-stage technology startups and funds across enterprise, software, consumer, climate-tech, and bio/health tech – all while helping catalyze access to equity capital for underserved founders and communities in Arizona.

Learn more at https://azventurecap.com/

About Amgen Ventures

Established in 2004 as Amgen’s corporate venture capital fund, Amgen Ventures identifies and invests in emerging companies and technologies to advance promising new medicines and solutions to healthcare’s biggest challenges.

Globally, Amgen Ventures has strategically invested in human therapeutics and drug discovery efforts that go beyond-the-molecule, such as digital technology platforms, data analytics, and value-based approaches.

Learn more at https://www.amgenbd.com/

About ClearImpact Ventures

ClearImpact Ventures, and its NOVA Prime Fund I, invests in mission-driven early-stage technology companies focused on sustainable energy, digital health, and industries of the future. NOVA Prime Fund I seeks to accelerate its companies in collaboration with LG NOVA, LG Electronics North America Center of Innovation.

Learn more at https://clearimpact.vc/

Contact: Mitch Foster
Phone: 480.390.0354
Email: [email protected] 

SOURCE Mindset Medical, Inc.

NEW YORK and LONDON, June 6, 2024 — Aquiline Capital Partners LP (“Aquiline” or “the Firm”), a private investment firm dedicated to financial services and related technologies, today announces that it has raised more than $3.4 billion of fund capital, following the final close of its fifth private equity fund, Aquiline Financial Services Fund V L.P. (“AFS V”), and the close of its continuation fund, Aquiline Financial Services Continuation Fund L.P. (“Continuation Fund”).

With over $2.3 billion in capital commitments, AFS V is Aquiline’s largest fund to date, significantly exceeding the size of its predecessor. The Firm received strong support from its existing investor base of financial institutions, sovereign wealth funds, public pension funds, funds of funds, and family offices. Aquiline also welcomed significant first-time commitments from investors across the U.S., Europe, the Middle East, and Asia, demonstrating confidence in its investment activities and growth trajectory.

Concurrently, Aquiline has closed on approximately $1.1 billion of capital commitments in its Continuation Fund, including a meaningful lead investment from HarbourVest Partners (“HarbourVest”). The continuation fund was established to acquire select portfolio companies in Aquiline Financial Services Fund II L.P. (“AFS II”) and Aquiline Financial Services Fund III L.P. (“AFS III”). The transaction offered investors the opportunity to capture future value creation while providing existing limited partners with an option for accelerated liquidity. A meaningful portion of the fund will be available as follow-on capital to support future growth initiatives and potential strategic acquisitions within the portfolio.

HarbourVest served as the sole lead investor in the Continuation Fund, with participation from several other new investors, including StepStone, funds managed by Ares Management, and Commonfund’s CF Private Equity business, as well as re-investment from existing limited partners. All AFS II and AFS III limited partners were provided with the option to roll their value on status quo terms, reinvest their value into the Continuation Fund, or receive full liquidity.

The combined $3.4 billion of fund capital was welcomed by Aquiline’s Managing Partners, Vincenzo La Ruffa and Igno van Waesberghe.

“Aquiline’s blend of deep financial services industry knowledge and trusted relationships has underpinned our successful fundraising activities in a challenging market. We are pleased to welcome a mix of new strategic investors from our industries, as well as institutional investors from Asia and the Middle East, to AFS V and leading institutional investors to our Continuation Fund,” said Igno van Waesberghe. “We already have strong momentum in AFS V, with capital deployed across multiple investments, and look forward to continuing the value creation journey.”

Since its formation in 2005, Aquiline has been committed to its strategy of working with companies to solve the financial industry’s biggest challenges. With a global presence and rigorous industry analysis, Aquiline can identify industry trends, both big and small, that create meaningful change in the delivery of financial services. The Firm has built deep, trusted relationships across insurance, asset and wealth management, banking and capital markets, healthcare, and payments, enabling Aquiline to partner with companies to build value for its investors alongside company management.

“We have purposefully created a firm that provides capital and expertise to outstanding companies, whether in the form of private equity capital, venture and growth funding, or credit,” said Vincenzo La Ruffa. “Along with our geographic and industry reach, this makes us a powerful partner for industry leaders, entrepreneurs, and innovators alike.”

Notes to Editors

About Aquiline Capital Partners LP

Aquiline Capital Partners LP is a private investment firm based in New York, London, Philadelphia, and Greenwich, Connecticut, that is dedicated to financial services and related technologies. The Firm has approximately $10.4 billion in assets under management as of March 31, 2024.

For more information about Aquiline, its investment professionals, and its portfolio companies, visit www.aquiline.com.

About HarbourVest Partners, LLC

HarbourVest is an independent, global private markets firm with over 40 years of experience and more than $125 billion of assets under management as of December 31, 2023. HarbourVest’s interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. HarbourVest’s strengths extend across strategies, enabled by its team of more than 1,150 employees, including more than 230 investment professionals across Asia, Europe, and the Americas. Across its private markets platform, the HarbourVest team has committed more than $59 billion to newly formed funds, completed over $53 billion in secondary purchases, and invested over $39 billion in direct operating companies. HarbourVest partners strategically and plans its offerings innovatively to provide its clients with access, insight, and global opportunities.

For further information please visit www.harbourvest.com.

Media Contacts

Apella Advisors – email: [email protected].

SOURCE Aquiline Capital Partners LP

This partnership marks a milestone investment for the advisory firm into ethanol as a low-carbon fuel

GREENVILLE, S.C. and WICHITA, Kan., June 6, 2024 — Today, Nexus PMG, a global leader in low-carbon infrastructure, advisory, development and investment, announced an investment in Saola Energy, a leading provider of advanced technology and engineering solutions for manufacturers in the renewable fuels industry. This marks a milestone expansion for Nexus PMG as it continues to invest in low-carbon infrastructure projects, including ethanol – a key growth area for the business given its domestic availability, readily available feedstock and lower greenhouse gas emissions.

The 45Z Clean Fuel Production Credit, a key provision in the Inflation Reduction Act, is incentivizing producers to upgrade their processes to reduce the carbon intensity of their fuels. To help achieve this goal, Saola is coupling its extensive expertise in customizing the engineering and design of renewable fuels projects with Nexus PMG’s decade of experience developing low-carbon infrastructure for customers. Through this partnership, Saola will gain additional depth of engineering staff to support larger projects.

“Core to our mission is helping renewable energy businesses scale to new heights and lead in a competitive market,” said Adam Belyamani, COO at Saola Energy. “This alliance marks a significant advancement in our capacity to help producers evaluate operational improvements to minimize their carbon footprint and maximize profitability in an ever-changing fuel market.”

“Nexus PMG’s investment better positions us to significantly expand our service offerings,” said Ben Root, General Manager at Saola Energy. “By providing a wider and deeper range of operational and technical resources, we are establishing a strong foundation to more effectively support our growing client base.”

“The renewable fuels sector is at an inflection point, as we continue to see rising interest in ethanol, particularly as more producers seek opportunities to reduce their carbon intensity,” said Chris Hart, President of Nexus PMG. “Our investment in Saola is emblematic of our commitment to the sector and is critical in strengthening our engineering and project management capabilities for biofuel producers in the Midwest and beyond.”

About Nexus PMG
Nexus PMG is the point where project finance, development and operations connect. The industry-leading firm focuses on providing world-class advisory services to infrastructure investors by delivering technical, operational and financial diligence on projects that reduce carbon intensity and enhance resource efficiency. Nexus PMG’s integrated business lines provide end-to-end services within each targeted sector including development; preliminary engineering; contract structuring; engineering, procurement and construction (EPC); commissioning and startup; operational readiness and process improvement. To learn more, visit http://nexuspmg.com. 

About Saola Energy
Saola Energy provides customized engineering and project management services and solutions to advance the renewable fuels industry. Saola Energy’s expertise encompasses everything from conceptualization to detailed engineering, creating efficient, sustainable, and reliable systems that maximize yield while minimizing environmental impact. To learn more, visit www.saolaenergy.com/.

Media Contacts
Mission Control for Nexus PMG
nexus.pmg@missionc2.com 

Saola Energy
[email protected]

SOURCE Nexus PMG

DENVER, June 6, 2024 — Doowii, a provider of AI-driven data analytics solutions for educators, is pleased to announce the successful closure of its latest fundraising round, securing $4.1 million in investments. This milestone marks a significant step forward in Doowii’s mission to empower educators with cutting-edge data analytics tools that enhance educational outcomes.

The fundraising round saw participation from prominent institutional investors, including GSV Ventures, Better Ventures, Avesta Fund, Imagine Learning Ventures, Strada Education Foundation, Reach Capital, and Common Sense Growth Fund.

Key Highlights of the Fundraising Round:

• Total Amount Raised: $4.1 million
• Lead Investors: GSV Ventures, Better Ventures
• New Investors: Avesta Fund, Imagine Learning Ventures, Strada Education Foundation, Reach Capital, Common Sense Growth Fund

“We are thrilled to have the support of such esteemed investors who share our vision for transforming education through AI-driven data analytics,” said Ben Dodson, CEO of Doowii. “This funding will enable us to accelerate our product development, expand our customer base, and continue to provide innovative solutions that meet the evolving needs of educators.”

Doowii’s strategy of working with large EdTech platform providers has been a cornerstone of its recent success. The company’s white-label solutions have seen significant uptake, allowing educational institutions to seamlessly integrate advanced data analytics into their existing systems. This approach not only enhances the capabilities of EdTech platforms but also ensures that educators have access to the tools they need to make data-driven decisions.

About Doowii

Doowii is a pioneering EdTech company focused on enhancing educator access to advanced data analytics and serving as a modern data interoperability layer for various EdTech data sources. By providing powerful tools for data analysis and visualization, Doowii empowers educators to make informed decisions and boost student performance. With an emphasis on usability and seamless integration, Doowii’s solutions are designed to cater to the diverse needs of educational institutions worldwide.

For media inquiries, please contact:

[email protected]

Feel free to provide further thoughts or feedback. Thank you!

SOURCE Doowii

NEW YORK, June 6, 2024 — Zenyth Partners (“Zenyth”) announced that it has made an investment in LifeCare Home Health Family (“LifeCare” or the “Company”), a leading home health provider, in partnership with its management team.

Headquartered in Irving, TX, LifeCare provides skilled home health and private duty care through 10 affiliated branches spanning Texas, Florida and Nevada. LifeCare is distinguished by its exceptional clinical quality and patient outcomes, as evidenced by its average Quality of Patient Care Star Rating of 4.8 out of 5.0 across branches.¹ Through this new partnership, the Company plans to expand within and beyond its current footprint and also broaden its service lines to support a comprehensive, integrated continuum of post-acute care offerings.

“We’re thrilled to partner with the Zenyth team, who we have known for over 5 years now,” said Dean Alverson, Chief Executive Officer of LifeCare. “We’re proud of the success we’ve had to date and are excited at the prospect of what we can achieve with the resources and expertise that Zenyth brings to bear.”

“LifeCare stood out to us on the basis of its experienced management team, track record of same-store sales growth and commitment to clinical quality,” said Rob Feuer, Managing Partner of Zenyth. “We are excited to partner with Dean and team to support the Company in its next chapter of growth.”

“Our partnership with LifeCare represents the realization of a years-long thesis in the post-acute care space,” said Tim Abbot, Principal of Zenyth. “We’re impressed by the differentiated clinical outcomes that LifeCare has been able to sustain and believe that, on that basis, the Company is optimally positioned for continued success as the industry increasingly rewards sophisticated agencies that provide the highest-quality care and a superior patient experience.”

Brentwood Capital Advisors and Holland & Knight served as financial and legal advisors, respectively, to LifeCare. Edgemont Partners and Alston & Bird served as financial and legal advisors, respectively, to Zenyth.

About LifeCare Home Health Family
LifeCare Home Health Family is a leading provider of skilled home health and private duty care. Headquartered in Irving, TX, LifeCare currently operates through 10 affiliated branches spanning Texas, Florida and Nevada. For more information, please visit www.lchhfamily.com.

About Zenyth Partners
Zenyth Partners is a distinct, highly operationally focused and thesis-oriented investment firm with over $1bn of AUM focused exclusively on building healthcare companies from early stages into leading platforms. Zenyth partners with entrepreneurs, clinicians, and operators that share similar values, seeking to create differentiated healthcare organizations that support patients, providers, payors, and the community at large. For more information, please visit www.zenythpartners.com.

This press release is being published for informational purposes only regarding Zenyth Advisors, LLC. One should not assume an investment in the Company was or will be profitable. All facts, opinions, estimates and forecasts of future performance are based on information as of the date of this press release and are subject to change. Certain information contained in this press release constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “project,” “estimate,” “intend,” “continue,” “plan” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Zenyth has not vetted the Company’s website and Zenyth’s provision of the Company’s website link should not be considered an endorsement of the information presented therein.

¹ As of April 2024, per Strategic Healthcare Programs database

SOURCE Zenyth Partners

Strategic Partnership Will Help Founders Access Venture Debt and Flexible Capital Solutions Through Private Credit, Also Setting the Stage for Potential Future IDC/Arena Investment Offerings 

MIAMI, June 5, 2024 — IDC Network, a diversified private equity and venture capital asset manager and parent company of IDC Ventures, a global venture capital firm specializing in fintech and marketplaces, today announced the launch of its newly created credit and flexible capital arm, IDC Arena Credit Ventures, through the formation of a strategic partnership with Arena Investors, LP. Arena Investors is a global institutional investment manager with a robust track record of providing creative capital solutions to underserved borrowers globally. This partnership is set to create a powerhouse for financing innovative technology ventures for companies at critical growth stages.

The strategic partnership combines IDC’s expertise in deal structuring and early to growth-stage technology investments with Arena’s robust capabilities in financing solutions. Together, IDC Network and Arena Investors are well-positioned to provide tech entrepreneurs with unique financing alternatives. Melissa Ramirez, Managing Partner of IDC Network, will lead IDC’s Venture Debt arm and the strategic partnership. She will also serve as a liaison between Arena, IDC Ventures, and other initiatives across IDC Network.

“Partnering with Arena Investors is another significant step towards consolidating our Venture Capital platform globally. I’m excited to double down on our strategic goal to support the next generation of tech leaders with alternative, smart, and flexible capital tailored to their specific needs,” commented Melissa Ramirez, Managing Partner at IDC Network and IDC Arena Credit Ventures. “This partnership will enable us to capitalize on the significant demand for non-dilutive capital we are seeing in the market, particularly from high-quality, disciplined tech companies. By combining Arena’s exceptional debt financing capabilities and our deep tech industry insights and ecosystem access we aim to fuel the growth of pioneering technology firms in a highly underserved market.”

Arena Investors brings to the partnership a wealth of experience and a strong investment history, having deployed over $5 billion in capital across various asset types in special situations investments.  CEO and CIO Dan Zwirn began investing in venture capital over 25 years ago and was involved in the creation of several noteworthy platforms in the space including Horizon Technology Finance and Hercules Capital. “We are thrilled to join forces with IDC, a long standing, well-regarded asset manager and major player in the venture capital space,” said Joe Salameh, Managing Director of Corporate Private Investments at Arena Investors. “This collaboration is poised to fill a large void in venture debt capital.  We are excited to provide solutions and flexibility that start-ups need to thrive in today’s environment.”

The strategic partnership aims to address the growing demand for non-dilutive funding options in the tech sector, providing bespoke financial solutions that are tailored to the specific needs of tech and tech-enabled businesses. By combining resources, expertise, and networks, IDC and Arena Investors will enhance their ability to support high-potential companies and drive innovation in the technology landscape.

About IDC Network
Established in 1995, IDC Network (IDC) is a diversified multi-fund platform. IDC focuses on partnering with strategic investors, managing and co-managing funds across multiple sectors including Private Equity, Energy & Infrastructure, Ventures, Capital Markets, Real Estate, and Impact. Active across Latin America, the US, and Europe, IDC is proud to be the Partner of Choice for more than 150 of the world’s most influential families from 26 countries. Learn more at IDCNetwork.com.

About IDC Ventures
IDC Ventures (IDCV) is the venture capital arm of IDC Network, a global multi-fund asset manager. More than just a fund, IDC Ventures acts as the Partner of Choice to more than 150 family offices for a diversified set of venture capital-related opportunities, managing proprietary funds, co-investment opportunities, and co-managed funds in partnership with top-tier managers who bring specialized industry expertise. IDCV is an active partner with entrepreneurs, helping founders from earlier stages through exit. IDCV mostly leads rounds and takes board of director seats offering a wide range of expertise based on successful founder, banking, and consulting experiences. Since its founding in 2019, IDCV has backed industry-defining founders from Series A to growth stages across Europe, the US, and Latin America (mainly Brazil and Mexico), primarily focusing on fintech and marketplaces through its flagship funds. Learn more by visiting IDCVentures.com.

About Arena Investors, LP
Arena Investors, LP is an institutional asset manager founded in partnership with The Westaim Corporation (TSXV: WED). With approximately $3.5 billion of assets under management (as of May 1, 2024) and a team of over 180 employees in offices globally, Arena provides creative solutions for those seeking capital in special situations. The firm brings individuals with decades of experience, a track record of comfort with complexity, the ability to deliver within time constraints, and the flexibility to engage in transactions that cannot be addressed by banks and other conventional financial institutions. See www.arenaco.com for more information.

Contact:

IDC:
Benito Besada
[email protected]

Prosek Partners:
Joshua Clarkson
[email protected] 

Arena Investors:
Parag Shah
[email protected] 

SOURCE IDC Network

Financing to accelerate growth into the global renewable energy sector and further protect industry from severe weather and other risks

MADISON, Wis., June 5, 2024 — Understory, the insurance platform protecting climate-vulnerable industries from severe weather risk, announced the close of a significantly oversubscribed Series A funding round, securing a substantial $15 million to drive its expansion into the renewable energy sector. This funding round, co-led by True Ventures and Prelude Ventures, underscores investors’ strong belief in Understory’s vision and expansion potential.

Following the highly successful launch of Understory’s Dealers Open Lot insurance solution, which offers risk management for U.S. auto dealers and has provided protection for dealer inventories across nearly 1,000 locations from Hawaii to Delaware, the company is launching a product offering focused on the renewable energy sector. This product harnesses Understory’s proprietary risk mitigation technology that has already reduced weather damage for its clients by over $65 million and effectively reduced overall claim trends by 60%. Understory’s mutualized insurance approach, together with unparalleled risk selection and sharing of clients’ best practices, has enabled sustainable and profitable portfolio growth.

This strategic move diversifies Understory’s portfolio and addresses the burgeoning demand for robust, scalable insurance solutions in sectors highly vulnerable to climatic impacts.

Puneet Agarwal, partner at True Ventures, commended the company’s growth and trajectory: “The Understory team has brought a new, next-generation level of data intelligence to the insurance market. This new funding round is a significant milestone, positioning Understory to reshape the property insurance industry and renewable energy landscape. We’re thrilled for the team as they continue to see so much promising traction.”

Tim Woodward, managing partner at Prelude Ventures, added: “Aligning with Understory’s venture into renewables couldn’t be more perfect for us. Their tech-driven, data-first approach to insurance is exactly what the renewable sector needs to continue its accelerated growth as we transition to a green energy future. We’re excited to be a part of this journey, catalyzing change in critical industries through creating cost-effective insurance solutions that finally address clients’ longstanding frustrations with legacy players.”

“Expanding from a tech-focused startup to a leading figure in the insurance market exemplifies our ability to scale solutions that tackle real-world problems,” said Alex Kubicek, co-founder and CEO of Understory. “Our latest venture into renewable energy insurance underpins our commitment to rearchitecting insurance structures that support sustainable industry growth while mitigating environmental risks.”

Understory is led by Kubicek and Neil Irwin, co-founder and senior international insurance executive. Under their leadership, the company has evolved from a deep tech startup into a full-stack MGA/MGU at the forefront of the insurance industry. Their combined expertise in deep weather technology and global insurance markets has been pivotal in their mission of restoring and enhancing insurance efficacy and building client resiliency against the growing threat of severe weather and a volatile global risk environment.

For more information, visit: https://understoryweather.com/

About Understory

Understory is a leading provider of insurance solutions built for the era of climate change. The company’s global network of Dot weather stations powers the world’s most sophisticated weather risk model. By combining mutualized, optimized risk structures with precision weather technology and modeling, Understory enables affordable, stable property insurance solutions.

Natural catastrophes driven by the volatility of climate change is increasing rates and restricting insurance coverage. Traditional insurance is no longer fully effective. Insurance and reinsurance companies are pulling out and leaving 76% of global assets unprotected. Transformation is inevitable, and it’s coming to the global property insurance market. Understory cracked the code, and our approach is the way to close this gap.

With a fiercely dedicated and passionate team of both remote and Madison, Wisconsin-headquartered team members, Understory’s culture values unwavering support of colleagues, resilience, adaptability, work-life harmony, time for nurturing our families, and fostering communities that care about the wellbeing of people and their livelihoods like we do. We’re poised to rewrite the story of insurance. To embark on this journey with us, visit www.understoryweather.com.

Media Contact: [email protected]

SOURCE Understory, Inc.