Sola Closes Seed Round, Raising $3.7M to Make Insurance Affordable and Reliable

ATLANTA, Dec. 5, 2024 /PRNewswire/ -- Sola, a cutting-edge insurtech company, today announced the successful close of its seed round. Led by FINTOP Capital, with participation from Overline, 10vc, Karuna VC, and prominent insurance executives—bringing total funding to $3.7M. The investment bolsters Sola's mission to provide homeowners and businesses with reliable and affordable natural disaster insurance.

Sola is bringing unprecedented reliability to a historically chaotic home insurance market. Facing constant premium increases and coverage denials, homeowners are fed up with the status quo. Equipped with a brand new approach to insurance, Sola guarantees consistent and affordable premiums every year.

"At Sola, we are building a lifeline for homeowners who have incredibly high premiums and deductibles," said Wesley Pergament, Co-Founder and CEO of Sola. "With our new wind and hail product, we're tackling these challenges head-on and delivering much needed relief to more homeowners."

The funding will enable Sola to expand its wind and hail product, which addresses high deductibles and out-of-pocket costs for wind, hail, and tornado damage. The company will also enhance its agent platform, enabling agents to quote and bind policies in seconds and expand its state footprint to serve more high-risk states. Sola aims to extend its innovative approach to cover all types of natural disasters in the future.

Sola's platform uses advanced weather data and automated claims processing to deliver fast payouts within days. With a growing network of partnerships, including collaborations with mortgage companies and hundreds of independent agencies, Sola is paving the way for more Americans to access affordable and reliable homeownership.

About Sola
Sola Insurance offers innovative, data-driven policies that keep premiums affordable and consistent, even after a claim or a bad storm. Backed by decades of weather insights and advanced technology, Sola reduces financial uncertainty. Learn more at solainsurance.com.

About FINTOP Capital
FINTOP Capital is a venture firm focused on early-stage, B2B fintech companies. With $700+ MM in committed capital across five funds, the team has decades of industry experience as entrepreneurs, operators, & investors. FINTOP partners invest in experienced founders and products changing the way financial institutions, businesses, and their customers interact with money. Learn more at fintopcapital.com.

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SOURCE Sola