Brex helps Zesty.ai grow with $10 million in growth capital
SAN FRANCISCO, March 24, 2022 /PRNewswire/ — US fintech Brex, the company reinventing financing for growing businesses, has provided $10 million in growth capital via venture debt to Zesty.ai, a leading provider of predictive data analytics in the area of climate risk. The funding will help Zesty.ai propel its growth in insurance and expand into real estate use cases, including financing and asset management.
This agreement marks the continuation of the momentum of 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 offering that’s less dilutive and tailored to their needs.
Zesty.ai uses AI to provide real-time assessments of climate risks associated with real estate assets and portfolios. The Company’s technology accounts for a wide range of climate risks, including wildfires, wind and hailstorms, floods and other catastrophic events, to help insurance companies better underwrite and rate homeowner and business policies. Zesty.ai’s partners include leading insurance companies such as Amica, AON, Berkshire Hathaway, The California Fair Plan, Cincinnati Financial, Farmers Insurance and many more. The company continues to experience significant growth, as evidenced by the tripling of committed revenue in 2021.
“Zesty.ai 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. “Zesty.ai is a great example of the many innovative clients we champion with Brex Venture Debt. Our mission is to support our clients at every stage of their growth and we are excited to help the Zesty.ai team grow their activity.”
“We are 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 and CEO of Zesty.ai. “Zesty.ai is dedicated to helping our clients use the power of AI to better protect families, communities and their financial well-being. Brex Venture Debt allows us to focus on our core mission and be flexible in how we grow our business.”
Brex Venture Debt provides a less dilutive, more founder-friendly source of capital that gives companies like Zesty.ai the financial tools to scale quickly. It differs from traditional bank offerings by offering customers longer terms and a faster due diligence process. Brex Venture Debt is offered to select high-growth venture capital-backed clients with recurring and scalable revenue business models, including companies in the SaaS software, fintech, B2B marketplace, and B2C subscription industries.
About Brex Asset Management
Brex Asset Management (“BAM”), Brex’s recently launched asset manager focused on supporting companies with venture debt and growth capital, leverages Brex’s reach within the venture capital-backed startup industry and provides alternative investment opportunities for investors around the world – including institutional investors, endowments and foundations, financial institutions and private 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 a single experience, we help customers effortlessly extend the power of every dollar, so they’re free to focus on big dreams and rapid growth, without worrying unnecessary expenses. We proudly serve tens of thousands of businesses, from small private businesses to many of America’s most beloved public brands.
Zesty.ai offers insurers and real estate companies access to precise information on each property North America. The company uses AI, including computer vision, to create a digital twin for each building in North Americaencompassing 200B property information taking into account all the details that could impact the value of a property and the associated risks, including the potential impact of natural disasters. Visit https://zesty.ai for more information.