NEW
YORK, May 11, 2023 /PRNewswire/ -- Bregal
Sagemount ("Sagemount") and FTV Capital ("FTV"), two leading
growth-focused private equity firms, today announced a strategic
growth investment in Neptune Flood Incorporated ("Neptune" or the
"Company"), a leading digital insurtech platform and private flood
insurance provider. Sagemount and FTV will acquire a substantial
minority stake in the Company, with Neptune CEO and management
maintaining majority ownership. Financial terms of the transaction
were not disclosed.
![(PRNewsfoto/Neptune Flood) (PRNewsfoto/Neptune Flood)](https://mma.prnewswire.com/media/792168/Neptune_Flood__Logo.jpg)
Launched in 2018 and based in St.
Petersburg, Florida, Neptune provides affordable and
value-added flood insurance policies to over 150,000 homeowners,
renters, and businesses in 48 states and Washington, D.C. Founded with the goal of
changing the way consumers and businesses think about and buy
insurance, the Company has disrupted the traditional flood
insurance market, offering a digital platform that enables
insurance agents and customers to obtain coverage in mere minutes.
Neptune's proprietary AI platform, Triton, instantly assesses flood
risk on a property-by-property basis, allowing the Company to
provide an accurate assessment of risk, personalize pricing for
customers, and offer competitive premiums.
"We are thrilled to be partnering with Sagemount and FTV as we
continue to build our business and achieve our mission of making
flood insurance more accessible, helping customers better protect
their homes and businesses from the devastating effects of
flooding," said Trevor Burgess,
President & CEO of Neptune. "Both Sagemount and FTV have
established track records of insurtech growth investments and
expertise in scaling technology-enabled businesses, something that
set them apart from other investors we saw in the market and made
them the ideal partners for our next phase of growth."
"Sagemount has been investing in and following the insurance and
MGA markets for several years and we are incredibly impressed by
the innovative technology that Neptune has built," added
Blair Greenberg, Partner at
Sagemount. "The Company has truly disrupted the traditional flood
insurance market and we are excited to support them as they
continue to bring their insurtech solution to more customers."
Mike Vostrizansky, Partner at
FTV, added, "We are excited to support Neptune as they continue to
transform the way that homeowners and businesses purchase flood
insurance – increasing consumer awareness and adoption.
Neptune's visionary management team has built a differentiated
technology platform that we believe has positioned the company for
expansive growth in the years ahead, and we welcome the opportunity
to leverage our domain expertise and strategic relationships in our
Global Partner Network® to contribute to the company's growth
journey."
Sagemount and FTV's investment in Neptune will help enable the
Company to accelerate its growth plans and expand its customer base
while continuing to enhance its technology platform and develop new
products to meet the evolving needs of homeowners and
businesses.
With this growth investment, Greenberg and Vostrizansky will
join Neptune's board of directors.
Morgan Stanley & Co. LLC served as exclusive financial
advisor to Neptune. Howden Tiger Capital Markets & Advisory
acted as financial advisor to Bregal Sagemount and FTV.
About Neptune Flood
Neptune Flood is an AI-driven
insurance company specializing in providing flood insurance
solutions for residential and commercial properties. By leveraging
advanced technology, data analytics, and user-friendly online
tools, Neptune Flood offers
consumers and businesses a fast and efficient way to obtain flood
insurance policies tailored to their needs. The company aims to
simplify the insurance-buying process while offering competitive
rates and comprehensive coverage options. Neptune Flood is backed by top-rated insurance
carriers, ensuring that their customers receive reliable financial
protection in the event of a flood. Their dedication to superior
agent and customer service, along with their cutting-edge approach
to flood insurance, makes Neptune
Flood a trusted and pioneering force in the industry. For
more information, visit the Neptune
website: www.neptuneflood.com and follow the firm on
LinkedIn.
About Bregal Sagemount
Bregal Sagemount is a leading growth-focused private capital
firm with more than $6.5 billion of
capital raised. The firm provides flexible capital and strategic
assistance to market-leading companies in high-growth sectors
across a wide variety of transaction situations. Bregal Sagemount
has invested in over 70 companies in a variety of sectors,
including software, information / data services, financial
services, digital infrastructure, healthcare IT, and business &
consumer services. The firm has offices in New York, Palo Alto, and Dallas. For more information, visit the
Sagemount website: www.sagemount.com and follow the firm
on LinkedIn.
About FTV Capital
FTV Capital is a sector-focused growth equity investment firm
that has raised $6.2 billion to
invest in high-growth companies offering a range of innovative
solutions in three sectors: enterprise technology and services,
financial services, and payments and transaction processing. FTV's
experienced team leverages its domain expertise and proven track
record in each of these sectors to help motivated management teams
accelerate growth. FTV also provides companies with access to its
Global Partner Network®, a group of the world's leading enterprises
and executives who have helped FTV portfolio companies for two
decades. Founded in 1998, FTV Capital has invested in 137 portfolio
companies, including Docupace, EBANX, Embroker, LoanPro,
LogicSource, ManyPets, Patra, PlateIQ and Solid, and successfully
exited/partially exited companies including Enfusion (NYSE: ENFN),
Globant (NYSE: GLOB), InvestCloud (recapitalized), RapidRatings
(recapitalized), Strata Fund Solutions (acquired by Alter Domus), VPay (acquired by Optum) and
WorldFirst (acquired by Ant Financial). FTV has offices in
San Francisco, New York, and Connecticut. For more information, please
visit www.ftvcapital.com and follow the firm on LinkedIn.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bregal-sagemount-and-ftv-capital-announce-strategic-growth-investment-in-neptune-flood-incorporated-301821895.html
SOURCE Neptune Flood