Faura secures $3.5m seed round to transform property risk management and climate resilience
Faura, an insurtech startup focused on unlocking new opportunities for insurance companies covering properties at risk from disasters, has raised $3.5 million in a Seed funding round to drive change in the climate risk and proptech sectors.
Rather than relying on traditional climate models that predict disaster probabilities for specific counties or zip codes, Faura uses its proprietary resilience models to assess individual properties.
By pairing these insights with customised mitigation plans, Faura helps insurers and policyholders make more informed decisions regarding property risk.
The aim is to create a self-reinforcing cycle where policyholders qualify for enhanced insurance benefits, while insurers reduce their losses, maximising value with each policy issued.
The Seed round was co-led by Harlem Capital and Building Ventures, with additional participation from Metaprop, Triple Five, and Dorm Room Fund.
“Many people will look at a property in a wildfire or flood zone and say they won’t touch it under any circumstances. We believe there is a better approach,” commented Valkyrie Holmes, Cofounder and CEO of Faura.
“Our goal is to help insurers understand what raw property data actually means when it comes to survivability. If you don’t know which structure materials and conditions are more likely to withstand a disaster, you’re leaving a lot of really profitable business on the table.”
The company, founded in early 2023, has quickly gained traction with thousands of assessments and followers. It secured notable wins, including first place in the State Farm Pitch Competition at the Insurtech Connect conference and the Guidewire Insurpitch, earning a spot as an Insurtech Vanguard.
Since its launch, the company has expanded its focus to cover five major perils: wildfire, hurricane, hail, flood, and earthquake. Faura now offers three distinct tools, each providing unique experiences that enhance the availability of survival data.
Agents and underwriters can choose between a manual assessment or a quick assessment to evaluate a home’s survivability across all five NATCATs.
The Policyholder Inspection tool guides property owners through their homes, collecting the most accurate data possible. This tool also incentivises homeowners to perform mitigation work, rewarding them for taking proactive steps to protect their property.
“Faura’s tools are not just about measuring survivability, but about using tech for what it’s best at – scaling solutions so the size of the fix meets the demand of the problem. Natural disaster mitigation is a huge and solvable problem, and these investments help us meet the challenge head-on,” added Amanda Southworth, Cofounder and CTO of Faura.
As the company looks ahead to 2025, it is onboarding Tier 1 carriers, MGAs, and data providers to deliver a more robust solution for high-risk properties. The team has grown rapidly, doubling in size over the past month, and continues to expand as it serves a wide range of companies.
“We are so incredibly excited and grateful to our team, our investors, mentors, and early adopters for believing in us and spearheading this much-needed movement,” Valkyrie continued.
“2025 is the year of Faura’s growth and with all of the changes in legislation and climate, we are committed to offering not just an innovative approach to underwriting, but a competitive edge that unites both the insured and the insurer.”
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