There were 20 separate billion-dollar weather and climate disasters last year in the U.S, according to the National Centers for Environmental Information.
The disaster damages were caused by everything from tornadoes to droughts and even severe storms. In an effort to help combat and prevent future damages, Berkeley-based UrbanFootprint is utilizing cloud and data-backed technology to help institutions invest in properties that are least affected by climate change.
On Wednesday, UrbanFootprint raked in $25 million in a Series B funding round led by Citi and Social Capital. The startup plans to use its fresh funding to accelerate the delivery of its climate and community intelligence reports to institutions in the energy, government, finance and real estate sectors.
Additional funding will go toward hiring. UrbanFootprint CEO and co-founder Joe DiStefano told Built In via email that he expects the 52-person team to grow to 100 by the end of the year. This year, the UrbanFootprint team has already grown 35 percent.
“We are thrilled to have the support of both Citi and Social Capital, as well as our other new and previous investors, including 2150, A/O Proptech, Assured Guaranty, Dcode Capital, Valo Ventures, and Radicle Impact,” DiStefano said. “Citi is a fantastic partner for us and fully aligned from an impact and commercial perspective. Their expertise and deep network will help accelerate our product development and customer growth. Social Capital has been an investor since the beginning, and they continue to be bullish on our market opportunity.”
UrbanFootprint’s technology is backed by a climate and community resilience data system, according to the company. Through its geospatial software analytics, the startup aims to provide insights to institutions that are investing in urban planning. These analytics help institutions narrow down where to invest and how to avoid climate disaster risks involved in their geographical areas of interest.
