Flood risk modeller Fathom has announced a minority investment from Moody’s Corporation, the global risk assessment firm, in a deal described by the former as huge recognition for its work in the space.
The deal will see Moody’s assume one seat on its board of directors.
“National and regional economies, insurers and financial services all need flood mapping data they can rely on, as the impact of flooding can have extremely serious physical, financial and environmental consequences today, that will further be exacerbated by climate change and urbanisation,” said Christopher Samson, co-founder at Fathom.
Samson also noted his delight in having Moody’s recognise and understand the potential of the company.
Fathom, which in the last year has launched flood risk models for both the US and UK, was advised on the deal by ICON Corporate Finance
“Our team of scientists and researchers constantly push the boundaries of flood mapping and risk data,” said Andrew Smith, co-founder at Fathom.
“Moody’s in-depth industry knowledge will help us to reach new markets and countries where this detailed level of flood data is urgently required.”
Commenting on the investment, Stuart Whitfield, CEO of Fathom added, “Moody’s investment in Fathom is further testament to the quality of Fathom’s underlying technology and data.
“This will enable us to accelerate our plans to become the world’s leading provider of water risk intelligence.”
