Mills & Reeve steers flood forecasting startup Previsico through Series A funding round
The Mills & Reeve team, led by Zickie Lim, advised on all aspects of the transaction, drawing on its expertise in venture capital and climate tech to ensure a smooth process for all parties involved.
Mills & Reeve also advised on Previsico’s earlier investment round. The investment will enable Previsico, a leading provider of real-time flood forecasting technology, to accelerate its mission to help insurers, businesses and communities mitigate the major and growing issue of flood risk worldwide.
Previsico is tackling a major and growing issue, with global losses from pluvial flooding being projected at $USD 850 billion p.a. by 2050, including both developed nations such as the UK and US, and emerging nations.
The Series A round included investment from Connecticut Innovations (CI), Connecticut’s strategic venture capital arm; BlueOrchard Finance Limited, a leading global impact investment manager and member of the Schroders Group; and builds on earlier investment led by Burnt Island Ventures, with continued support from Foresight Capital.
Previsico CEO Jonathan Jackson said: “We’re thrilled to have the support of our new investors at such a pivotal stage in Previsico’s journey. “This round of investment marks an exciting milestone for us, enabling our continued growth and accelerating our mission to help communities and businesses become more resilient to the increasing threat of flooding.”
Zickie Lim, partner at Mills & Reeve, said: “The increasing frequency of localised natural disasters is driving demand for advanced predictive solutions. Previsico’s technology is already helping insurers and businesses reduce losses from flooding, and this latest investment will further strengthen its global reach.
“Our ability to support our entrepreneurial clients on their fundraising journeys, from pre-seed and seed through to Series A and beyond, is a key facet of our Venture Capital offering.
“Coupled with our deep expertise in the technology/climate tech sector and full service capability, we can advise ambitious and emerging businesses on all their legal needs as they grow and scale.”
Craig Deacon, CFO of Previsico, added: “We are excited to have secured our Series A funding round with support from Mills & Reeve. This successful investment offers a clear affirmation of our vision and the overarching mission of our company; to minimise the effect of flooding globally by enabling people and organisations to prepare and act to prevent it’s impacts.”