Insurtech Faura has successfully raised $500k to help insurance companies and homeowners reduce their natural disaster risk.
Cities throughout the US have been impacted by natural catastrophes, like wildfires in Maui and flooding across the Northeast and Florida, in recent years; disaster activity that only keeps growing.
This has left homes in need to add retrofits to enhance their protection and survivability, Faura highlights. As of right now, there are very few enhancement programs that add value and reduce friction for the homeowner without sacrificing more time and energy.
Faura aids in this effort by integrating with insurance policies and offering incentives for homeowners that reflect in their policies.
The cofounder and CEO Valkyrie Holmes stated: “Our goal is to help carriers acquire the data they need to better understand their portfolio risk. Climate change isn’t going anywhere, so we need to give underwriters better tools to aid in the decision-making process.”
He continued: “Insurance is one of the most data-driven industries in the world and it truly underpins everything we do and own. A lot of people in my generation are worried about being able to afford homes, but my concern is that the homes we’ll be able to afford won’t be able to withstand any kind of disaster event!
“By partnering with insurers and giving everyone tangible value, we make it easier for homeowners to protect their most valuable asset and avoid a total loss.”
Faura, which uses climate and property analytics to better understand disaster risk, is already working with insurers on wildfire and wind-related risk, offering risk assessments that translate into action items that tie directly into the policy of hundreds of homeowners.
“By utilising a self-inspection model, homeowners are able to get educated as they walk through their property, bringing education and awareness to the front of their mind,” the insurtech explains. “When the inspection is finished, homeowners immediately know where their home stands, and what they need to do about it.”
Adding: “Educating homeowners with technology they already have is an important step in making sure it’s widely available, and enables everyone involved to understand how prepared our housing supply is to face these kinds of challenges, and what kind of resources and money it would take to solve them.”
Faura’s completion of its $500k round marks a fundamental step in their building and will allow them to serve more homeowners and integrate more underwriters into a comprehensive solution.
The company has been recently accepted into the Metaprop Accelerator program in New York City, where it will work with senior proptech angel investors and executors to accelerate growth.
They are also backed by notable proptech and climate focused groups like Dorm Room Fund, the Honors Fund by CEAS, Metaprop, and Responsibly Ventures.
