Climate Corp. raises $50M
The Climate Corp., an agriculture industry insurance firm focused on weather data, has raised a $50 million round of funding led by new investor Founders Fund, with participation from Kholsa Ventures, Google Ventures, NEA, Index Ventures, Atomico, Glynn Capital, and Western Technology Investment.
The San Francisco company, which employs 150 people and previously raised $60 million, including a $42 million round in 2011, also announced plans to hire more than 50 quantitative researchers, data scientists and software engineers.
Climate Corp. uses its technology to measure weather at a hyper-local level and pays farmers when bad weather occurs, with no claims process and no waiting for payment, based on a proprietary understanding of the impact local weather events will have on a farmer’s profits.
David Friedberg is Climate Corp.'s CEO.
Earth2Tech reports that eight months ago, Climate Corp. rebranded its weather insurance service to focus more on protecting farmers (and, one day, other customers) from the changes in climate that affect crop production.
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