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Brex Offers 10 Million Dollars In Growth Capital Investment To Zesty.Ai
Fremont, CA: The development of fintech has transformed how individuals handle their finances. With cutting-edge mobile applications, financial institutions can now deliver new products and services that assist clients in need, save time, expedite transactions, and save costs at every level of these operations.
Brex, a U.S. fintech company reimagining finance for growing businesses, has provided 10 million dollars in growth capital to Zesty.ai, a leading provider of predictive data analytics in the climate risk space, via venture debt. The funding will allow Zesty.ai to accelerate its growth in insurance and broaden into real estate's use cases such as financing and asset management.
This transaction marks the continuation of momentum for Brex Venture Debt, which Brex launched in August 2021 to assist founders in taking their businesses to the next level. It enables growing companies to scale quickly and flexibly by providing a founder-friendly, less dilutive offering tailored to their specific requirements.
Zesty.ai employs artificial intelligence to provide real-time assessments of climate risks associated with real estate assets and portfolios. To assist insurance companies in better underwriting and rating homeowners and commercial lines policies, the company's technology considers a wide range of climate risks, including wildfires, wind and hail storms, floods, and other catastrophic events. Amica, AON, The California Fair Plan, Berkshire Hathaway, Cincinnati Financial, Farmers Insurance, and other leading insurance companies are among Zesty.ai's partners. The company's committed revenues will be tripled in 2021, demonstrating the company's continued rapid growth.
"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 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 Zesty.ai team scale their business quickly."
Brex Venture Debt is a less dilutive, extra founder-friendly funding source that provides financial tools for companies like Zesty.ai to scale quickly. It differs from conventional bank offerings because it offers customers longer terms and a faster due diligence process. Brex Venture Debt is available to high-growth, venture-backed customers with scalable, recurring revenue business models, such as SaaS software, fintech, B2B marketplace, and B2C subscription companies.