2 October 2023 – London, UK – Previsico, the live flood alert ClimateTech, today announced that it is delighted to have completed its latest funding round, at a significantly higher valuation than the prior one in August 2021. This round was led by VC investor 24Haymarket (24H) and supported by the Foresight Group (Foresight), a leading infrastructure and private equity investment manager. 

The investors recognised the traction that Previsico has gained with major corporations – such as Network Rail, National Grid and The Guinness Partnership – and leading insurers – such as Zurich, Liberty Specialty Markets, and Generali – along with the huge commercial potential for its world-leading live flood forecasting technology and its ability to have substantial, positive environmental and social impact. They were also impressed with the technical and commercial expertise of the management team. 

Flooding continues to be the most common and costly natural hazard in North America, with flood-related hazards causing more than $85 billion in damage and economic losses in 2021 alone. These events weaken and destroy infrastructure, upend the livelihoods of families and businesses, and even cause chaos at sporting events, concerts, and festivals, like Burning Man.

Previsico’s next generation live flood forecasting solution brings together the latest weather data from the Met Office, IoT devices on the ground, and its advanced flood modelling capabilities to address the increasing global issue of surface water flooding for insurers, the public sector, and major corporate clients and SMEs.

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.”

Jonathan Jackson, CEO of Previsico, said:

“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. in 2021. 

David Marock, Chairman of Previsico, said:

“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.”

Notes to editors

About Previsico 

Previsico are experts in real-time flood forecasting, providing early warnings to minimise the impact of flooding by enabling people and organisations to proactively mitigate its effects, worldwide.

Having spun-out of Loughborough University in 2019, our proprietary technology is underpinned by over two decades of published research. It leverages hyperlocal real-time forecasts, live hydrodynamic modelling, and IoT sensor technologies to forecast, monitor, and help prevent flood impacts. 

With a unique focus on surface water and fluvial floods, our services are used by global corporations, leading insurers, such as Zurich, Liberty and Generali, and government agencies to manage flood risk globally.

About 24Haymarket

Headquartered in London and with a regional office in Edinburgh, 24Haymarket follows a strict investment thesis with a focus on verticals in the nascent stages of high growth where they are able to leverage proprietary insight from their Investor Network.

24Haymarket focus on early-stage equity and venture capital investments between, £1m and £5m, in companies that have demonstrated initial commercial traction. It adheres to an active investment philosophy with a right to a board seat in each investment combined with an involved post-investment model.

For more information: https://24haymarket.com/ 

About Foresight Group

Foresight Group was founded in 1984 and is a leading listed infrastructure and private equity investment manager. With a long-established focus on ESG and sustainability-led strategies, it aims to provide attractive returns to its institutional and private investors from hard-to-access private markets. 

Foresight manages over 400 infrastructure assets with a focus on solar and onshore wind assets, bioenergy and waste, as well as renewable energy enabling projects, energy efficiency management solutions, social and core infrastructure projects and sustainable forestry assets. Its private equity team manages eleven regionally focused investment funds across the UK and an SME impact fund supporting Irish SMEs. This team reviews over 3,000 business plans each year and currently supports more than 250 investments in SMEs. Foresight Capital Management manages four strategies across seven investment vehicles.

Foresight operates in eight countries across Europe, Australia and United States with AUM of £12.0 billion*. Foresight Group Holdings Limited listed on the Main Market of the London Stock Exchange in February 2021 and is a constituent of the FTSE 250 index. 

*Based on unaudited AUM as at 30 June 2023.