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Raincoat builds scalable parametric climate insurance products, underpinned by automated infrastructure, designed for rapid financial relief after natural disasters. The company integrates engineering, scientific, and insurance expertise to craft innovative solutions that address the escalating challenges of climate-related risks, delivering the next generation of insurance at scale.
Founded by Jan Paral, Joel Martinez, and Jonathan Gonzalez, Raincoat emerged from recognizing the urgent need for more effective financial protection against climate events. Their combined experience in technology and insurance revealed traditional models struggled with the speed required for climate impacts, prompting them to develop a platform for rapid-payout parametric solutions.
Raincoat's platform serves entities impacted by climate volatility, enabling them to embed insurance solutions for end-users. The company’s vision is to establish a comprehensive framework for global climate resilience, ensuring communities and businesses achieve predictable, efficient protection against an unpredictable environment, fostering greater financial stability.
Raincoat has raised $12.0M across 2 funding rounds.
Raincoat has raised $12.0M in total across 2 funding rounds.
Raincoat has raised $12.0M across 2 funding rounds. Most recently, it raised $7.0M Seed in June 2023.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jun 1, 2023 | $7M Seed | TWO Sigma Ventures | 7BC Venture Capital, Aperture Venture Capital, BootstrapLabs, EVE Atlas, Gaingels, Good Growth Capital, Ingeborg Investments, Revolution, Anthony Pompliano, Hoda Eydgahi, SAM Palmisano, Scot Wingo, Thomas Tull, Will Szczerbiak, Jamie Rodota | Announced |
| Aug 1, 2022 | $5M Seed | — | Anthemis Group, BIP Capital, Mosaic Ventures, Notion Capital, SCOR Ventures, #secretfund, TWO Sigma Ventures, Richard Laxer, Thijn Lamers | Announced |
# Raincoat: Climate Insurance Powered by AI
Raincoat is an AI-driven climate insurance platform that connects insurance providers, reinsurers, distributors, and end-users to deliver scalable climate protection solutions[1][2]. Founded by Jonathan González in 2018 and based in Puerto Rico, the company develops sophisticated environmental data models to enable rapid, transparent insurance coverage activation for climate-related risks[1][2].
The platform addresses a critical gap in the insurance market: traditional climate insurance is slow, opaque, and inaccessible to vulnerable populations. Raincoat solves this by automating claims processing, enabling real-time policy monitoring (such as tracking hurricane-force winds at policy locations), and facilitating instant payouts[2][3]. The company serves a global audience—from farmers in Mexico to small business owners in Japan—with personalized, data-driven solutions tailored to local climate risks[1].
Raincoat emerged from a recognition that climate events pose growing financial risks to individuals and businesses worldwide, yet existing insurance infrastructure cannot respond at the speed and scale required[1]. Founded in 2018 by Jonathan González, the company began with a mission to harness AI and real-time environmental data to make climate insurance accessible and efficient[2].
The startup gained early validation through prestigious recognition: in 2024, Raincoat was selected as one of 20 Black and Latino entrepreneurs to receive a $150,000 award from Google's Founders Funds program, along with $100,000 in Google Cloud credits and mentorship from Google's AI and sales teams[2]. This endorsement underscored the company's potential to leverage AI technology to address climate resilience—one of today's most pressing challenges.
Raincoat operates at the intersection of three converging trends: the climate crisis, the fintech revolution, and AI adoption in insurance. As climate events become more frequent and severe, traditional insurance models—built on historical data and slow underwriting processes—are increasingly inadequate. Raincoat's timing is critical: the global climate insurance market is expanding rapidly, and regulators and investors are prioritizing solutions that democratize access to climate protection.
The company exemplifies how AI and real-time data can transform legacy industries. By automating underwriting and claims, Raincoat reduces operational costs and enables insurers to serve previously unprofitable market segments (small farmers, emerging markets, underserved communities). This positions the startup as part of a broader shift toward climate tech and parametric insurance—products that pay based on objective environmental triggers rather than individual loss assessment.
Raincoat is well-positioned to scale as climate risks intensify and demand for accessible insurance grows. The company's Google backing, Puerto Rico base (a climate-vulnerable jurisdiction), and focus on underserved markets suggest a pathway to both social impact and commercial growth[2].
Key questions ahead: Can Raincoat expand beyond climate-specific risks into broader parametric insurance? Will the company build its own insurance capacity or remain a platform connecting existing providers? As climate events accelerate, Raincoat's ability to process claims faster and more transparently than competitors could become a decisive competitive advantage—transforming how the world insures itself against climate uncertainty.
Raincoat has raised $12.0M in total across 2 funding rounds.
Raincoat's investors include Two Sigma Ventures, 7BC Venture Capital, Aperture Venture Capital, BootstrapLabs, EVE Atlas, Gaingels, Good Growth Capital, Ingeborg Investments, Revolution, Anthony Pompliano, Hoda Eydgahi, Sam Palmisano.
