The transaction, executed at a premium to the company’s previous Series B valuation, adds Battery Ventures to Descartes’ shareholder base while allowing existing investors to retain a large majority of their holdings.
Founded in 2018, Descartes has rapidly grown to operate in over 60 countries, supported by a global network of 19 offices across four continents. In 2024 alone, the company generated more than $200 million in gross written premium, cementing its position as a leader in climate risk insurance. The company previously raised $120 million in a Series B round in 2022.
CEO and co-founder Tanguy Touffut emphasized Descartes’ continued focus on scientific rigor and global expansion. “Over the past six years, Descartes has established itself as the leading parametric insurance business for climate-related risks, remaining true to our scientific approach to risk transfer,” he said. “As we scale globally to address the widening protection gap around natural disasters, we’re thrilled to welcome Marcus — one of the world’s most accomplished Insurtech entrepreneurs — whose experience and vision will be invaluable as we execute our ambitious roadmap. Battery’s investment is a major endorsement of our mission and a strong signal of our commitment to the North American market, already our largest market.”
Marcus Ryu, partner at Battery Ventures and former CEO and co-founder of Guidewire Software, joins Descartes with decades of experience in property and casualty insurance technology. “Over twenty years of serving the global P&C insurance industry informs my keen interest in applying technology to address the enormous underinsurance gap,” Ryu said. “Parametric insurance is one of — if not the — most promising approaches to transfer risk efficiently, and like many industry participants I believe it will continue to grow in importance and adoption. The team at Descartes Underwriting is uniquely credentialed in this domain, and I am very impressed with the market and thought leadership position they have built with brokers, capacity partners and insureds in a short period.”
The investment from Battery Ventures strengthens Descartes’ financial position and strategic momentum as the company continues expanding its reach and impact in the climate resilience space.
