SAN FRANCISCO, CA, March 24, 2022 - U.S. fintech company Brex, the company reimagining finance for growing businesses, has provided $10 million in growth capital via venture debt to ZestyAI, a leading provider of predictive data analytics in the climate risk space. The financing will help ZestyAI power its growth in insurance and expand into use cases in real estate including financing and asset management.
This deal marks continued momentum for Brex Venture Debt, which Brex launched in August 2021 as a way to help founders take their business to the next level. It helps growing businesses scale quickly and flexibly with a founder friendly, less dilutive offering that is tailored to their needs.
ZestyAI uses AI to deliver real-time assessments of climate risks associated with real estate assets and portfolios. The company’s technology considers a wide range of climate risks, including wildfires, wind and hail storms, floods and other catastrophic events, to help insurance companies better underwrite and rate homeowners and commercial lines policies. ZestyAI counts leading insurance companies such as Amica, AON, Berkshire Hathaway, The California Fair Plan, Cincinnati Financial, Farmers Insurance, and more among its partners. The company continues to see significant growth as evidenced by tripling its committed revenues in 2021.
“ZestyAI has built the market-leading data analytics solution that addresses climate risk for insurance and real estate,” said Benjamin Wu, CEO of Brex Asset Management. “ZestyAI is a great example of the many innovative customers we are championing with Brex Venture Debt. Our mission is to support our customers at every stage of growth and we’re excited to help the ZestyAI team scale their business quickly.”
“We’re at a major inflection point in the future of climate change that requires innovation in how we assess risk and respond to its effects,” said Attila Toth, Founder &CEO, ZestyAI. “ZestyAI is dedicated to helping our customers use the power of AI to better protect families, communities and their financial well-being. Brex Venture Debt lets us focus on our core mission and be flexible in how we scale our business.”
Brex Venture Debt provides a less dilutive, more founder-friendly source of capital that gives companies like ZestyAI the financial tools to scale quickly. It differs from traditional bank offerings by providing customers with longer terms and a faster diligence process. Brex Venture Debt is offered to certain high-growth, venture-backed customers with scalable, recurring revenue business models including companies in the SaaS software, fintech, B2B marketplace, and B2Csubscription sectors.
About Brex Asset Management
Brex Asset Management ("BAM"), Brex's recently launched asset manager focusing on supporting companies with venture debt and growth capital, leverages Brex's reach within the venture fund backed startup industry and offers alternative investment opportunities to investors around the world – including institutional investors, endowments and foundations, financial institutions, and private wealth investors. BAM is a wholly owned subsidiary of Brex Inc.
Brex is a powerful financial stack designed to serve the next generation of growing businesses. By integrating software, services, and products into one experience, we help customers effortlessly extend the power of every dollar, so they're free to focus on big dreams and fast growth–without worrying about wasted spend. We proudly serve tens of thousands of businesses, from small private companies to many of America's most beloved public brands.
ZestyAI offers insurers and real estate companies access to precise intelligence about every property in North America. The company uses AI, including computer vision, to build a digital twin for every building in North America, encompassing 200B property insights accounting for all details that could impact a property’s value and associated risks, including the potential impact of natural disasters. Visit https://zesty.ai for more information.