Descartes Underwriting Secures Strategic Investment from Battery Ventures
Descartes Underwriting has announced a significant strategic investment from Battery Ventures, a global investment firm with a strong focus on technology. The investment was made at a premium to Descartes’ previous series B valuation, bringing Battery Ventures into the company’s shareholder base while existing investors maintain a majority stake.
As part of the agreement, Marcus Ryu, partner at Battery Ventures and former CEO and co-founder of Guidewire Software, will join Descartes’ board as an observer. Guidewire, a leading provider of cloud-based core systems and analytics for the property and casualty insurance industry, is publicly listed with a market capitalization of approximately $20 billion.
Descartes CEO and co-founder Tanguy Touffut expressed enthusiasm about the investment, stating it supports the company’s global expansion and enhances its ability to address climate-related risks. “Over the past six years, Descartes has established itself as the leading parametric insurance business for climate-related risks, remaining true to our scientific approach to risk transfer,” Touffut said. “As we scale globally to address the widening protection gap around natural disasters, we’re thrilled to welcome Marcus – one of the world’s most accomplished Insurtech entrepreneurs – whose experience and vision will be invaluable as we execute our ambitious roadmap.”
Touffut added that Battery’s involvement not only supports Descartes’ direction but also highlights the importance of the North American market, currently its largest. Ryu, with over twenty years of experience serving the global property and casualty insurance industry, expressed his interest in technology-driven solutions to address underinsurance. “Parametric insurance is one of the most promising approaches to transfer risk efficiently, and I believe it will continue to grow in importance and adoption,” Ryu said. “The team at Descartes Underwriting is uniquely credentialed in this domain, and I am very impressed with the market and thought leadership position they have built with brokers, capacity partners, and insureds in a short period.”
Descartes operates in more than 60 countries with 19 offices across four continents and a workforce of 230. In 2024, the company reported over $200 million in gross written premium. The investment from Battery Ventures is expected to further bolster Descartes’ position in the market and support its continued growth and expansion.
