Insurtech company Sola has closed its seed round, bringing total funding to $3.7 million, furthering its mission of providing affordable, reliable natural disaster insurance to homeowners and businesses.
Sola aims to tackle the challenges of a volatile home insurance market, where rising premiums and denied coverage have left many homeowners frustrated.
Wesley Pergament, Co-Founder and CEO of Sola, said, “At Sola, we are building a lifeline for homeowners who have incredibly high premiums and deductibles.”
He added, “With our new wind and hail product, we’re tackling these challenges head-on and delivering much needed relief to more homeowners.”
The funding will help expand Sola’s newly launched wind and hail parametric product, designed to reduce high deductibles and out-of-pocket costs for damage caused by wind, hail, and tornadoes. In partnership with industry leaders like Tokio Marine Kiln, Canopy Weather, Crawford & Company, Spinnaker Insurance Company, and Costero Brokers, this coverage offers stable, affordable premiums to homeowners.
The company will also enhance its agent platform, allowing agents to quickly quote and bind policies, and expand its reach to more high-risk states. Sola plans to eventually offer coverage for all types of natural disasters.
Sola’s platform leverages weather data and automated claims processing to provide fast payouts within days. With an expanding network of partnerships, including collaborations with mortgage companies and independent agencies, Sola is helping Americans access affordable and reliable homeownership.
