By Henry Gale
June 17 - (The Insurer) - MGA and insurer Descartes Underwriting has received a strategic investment from U.S.-based tech investor Battery Ventures, the parametric specialist said on Tuesday.
Descartes said the transaction was executed at a premium to its Series B valuation and that all existing investors have retained a large majority of their holdings. It did not disclose the value of the investment.
The firm previously raised $120 million in Series B funding in January 2022, which CEO and co-founder Tanguy Touffut said at the time valued the company at more than $500 million.
Touffut said on Tuesday that Battery Ventures' investment was a "strong signal" of Descartes' commitment to the North American market, which is already the company's largest market.
Battery Ventures partner Marcus Ryu, former CEO and co-founder of insurance software company Guidewire, will join Descartes as a board observer following the transaction.
Founded in 2018 and based in Paris, Descartes Underwriting provides parametric insurance for global weather and natural catastrophe perils as an MGA. In December 2022 it launched full-stack insurer Descartes Insurance, which has a licence in several European countries.
The group wrote more than $200 million in premiums in 2024, it said in February.
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