SAN FRANCISCO, Oct. 17 /CNW/ -- Web 2.0 Summit -- WeatherBill
(www.weatherbill.com) the world's only online service that allows businesses
to protect revenue and control costs from the impact of bad weather, today
announced the close of a $12.5 million Series A round, that when combined with
earlier funding totals $16.8 million. The round was led by investors New
Enterprise Associates (NEA) and Index Ventures, with participation from Allen
& Company, Atomico Investments, and Sean Park. Existing investors include
First Round Capital and several angel investors. Following the close of the
investment, Kittu Kolluri, a partner at NEA, and Neil Rimer, a partner at
Index Ventures, will join WeatherBill's Board of Directors. The company also
announced that Barney Schauble, a partner at Nephila Capital, WeatherBill's
risk capacity partner, will join the Board.
"Climate change isn't just making the weather more unpredictable, it can
have a significant impact on corporate profits," said Kolluri. "There's high
demand for financial protection against unexpected weather. WeatherBill's
technology, backed by Nephila's world leadership in catastrophe reinsurance,
creates a unique and valuable financial solution for businesses of all sizes."
WeatherBill is working with a diverse roster of clients in weather-
sensitive industries that include agriculture, travel, leisure, and retail.
Clients include ski resorts, farmers, restaurants, travel service providers,
and outdoor sports and leisure event managers.
"It's now estimated that nearly one-third of the US economy, that's $3.8
trillion, is at risk because of climate change," said Rimer. "With that much
at stake, weather-sensitive businesses need to understand their risk and then
be able to protect their profits quickly and affordably. The experienced team
at WeatherBill is helping businesses of all sizes do just that."
The funding will help fuel WeatherBill's rapidly growing business in the
United States and Canada, and expand the company's service to five new
European countries this week: the United Kingdom, Germany, The Netherlands,
Spain, and Norway.
"This funding allows us to offer our clients more customizable weather
protection as we add additional locations to our service, offer newly
supported weather conditions, and enhance the ease of purchase," said David
Friedberg, CEO and co-founder of WeatherBill. "Strong investment support and
advice from these market leading investors is invaluable and will result in
more accessible and affordable weather protection for businesses worldwide."
WeatherBill, Inc. (www.weatherbill.com) provides the only online service
that allows businesses to protect revenue and control costs from bad weather.
Founded by CEO David Friedberg and CTO Siraj Khaliq, former Googlers,
WeatherBill is funded by New Enterprise Associates and Index Ventures and
backed by Nephila Capital.
New Enterprise Associates (www.nea.com) is helping fund more than 550
companies in the IT and healthcare sectors. NEA is the entrepreneur's venture
capital firm; built on the philosophy of team achievement and measures success
by their entrepreneurs' success. NEA helps entrepreneurs build strong
businesses for the long term, not the quick turn.
Index Ventures (www.indexventues.com) is a European venture capital firm
with offices in London, Geneva and Jersey and a portfolio of leading
technology and biotech companies across Europe, Israel and the US. The Index
team is committed to working with the best entrepreneurial teams and helping
them to build their companies into market defining global leaders.
For further information:
For further information: Regina Sinsky, WeatherBill, Inc.,
firstname.lastname@example.org, +1-415-762-4378 Web Site: http://www.weatherbill.com