The funding drive led by VC investor 24Haymarket (24H) and backed by infrastructure and private equity investment manager Foresight Group, positions Previsico for accelerated growth in Europe and the expansion into the United States.
Key investors, acknowledging Previsico’s traction with major corporations including Network Rail, National Grid, and The Guinness Partnership, as well as leading insurers like Zurich, Liberty Specialty Markets, and Generali, expressed confidence in the world-leading live flood forecasting technology. Recognising its potential for significant positive environmental and social impact, investors were also impressed by the technical and commercial expertise of Previsico’s management team.
As flooding continues to be a prevalent and costly natural hazard, particularly in North America where flood-related hazards incurred over US$85 billion in damage and economic losses in 2021 alone, Previsico’s live flood forecasting solution becomes increasingly crucial. By amalgamating the latest weather data from the Met Office, ground-level IoT devices, and advanced flood modeling capabilities, Previsico addresses the global challenge of surface water flooding for insurers, public sectors, major corporations, and SMEs.
Commenting on the news, Paul Hewitt, 24H Investor Director, said: “Previsico’s flood forecasting technology provides users with early warnings to take preventative action to reduce damage and losses from flood water. The value proposition to its customers stretches beyond loss mitigation and importantly reduces the negative social impact of flooding. We are thrilled to support Previsico’s CEO Jonathan Jackson and his wider team on this exciting journey.”
Anastasia Sagaidachna, Investment Manager at Foresight, said: “Floods are one of the most common – and most destructive – natural hazards, and are becoming more frequent. There is a growing need for accurate predictions of flooding events in the UK and beyond, and Previsico has the best model to do this. Better early warnings of flash floods enable preventative action to be taken, improving resilience and reducing damage. We are excited to continue to support the business though its next stage of growth.”
“We are thrilled to welcome 24H as a new investor, as this not only brings valuable funding but also provides us access to a valuable network of accomplished business leaders. It’s equally gratifying that we’ve seen a significant increase in valuation that reflects the business’ strong sales growth since 2021,” said Jonathan Jackson, CEO of Previsico.
David Marock, Chairman of Previsico, added: “We are delighted to have secured enthusiastic support from two distinguished investment houses for this funding round. This resounding vote of confidence in our vision, which will enable us to build on our success to date here in the UK while also expanding into the US, fuels our excitement and commitment to enhancing resilience by predicting and mitigating flood impacts globally.”
