Flood insurance provider Neptune Flood announced it has secured more than $2 million in seed round funding.
The investment was led by Trevor Burgess, the founder and former CEO of C1 Bank, with participation from existing investor and Neptune’s CEO, Jim Albert.
The investment will help the company aggressively expand its sales and marketing efforts nationwide and accelerate the next generation of its data-driven, private flood insurance technology, it said. Burgess and Jonathan Carlon will also join Neptune Flood's board of directors.
The financing builds on an eventful year for Neptune Flood, which saw a rapidly growing roster of distribution partners eager to integrate the newly launched, innovative technology, the company said. The company’s services are currently available in Florida, Virginia, and Texas, but Neptune said it will open in more than a dozen states in early 2018.
Founded in 2016 by the aforementioned Albert and Bill Martin, who serves as chairman of the board, the company uses advanced mapping technologies and aerial remote sensing to create sophisticated algorithms to determine flood risk.
The coverage product is available today via digital agencies, MGAs and strategic partnerships with homeowner's insurance carriers, the company said. By summer 2018, Neptune will deploy a transformative direct-to-consumer platform, “giving consumers the intuitive, effortless, online shopping experience they demand from other industries,” the company said in a release.
"Neptune utilizes advanced technology and predictive analytics to more accurately evaluate and price flood insurance. In less than three minutes, and without elevation certificates, homeowners can save up to 25% off their insurance with the National Flood Insurance Program. It's easy, cost effective and secure," said Albert.
The company’s policies are A-rated by Lloyd’s and the insurer touts that customers can purchase insurance in less than three minutes.
“We have experienced tremendous demand from insurance agents who are tired of the slow and paper laden NFIP process,” said Chief Operating Officer Stephanie Lee. “Neptune is so easy to quote and bind, provides superior coverage, and can often save money for consumers."
