Startup profile for Understory: latest funding, latest known valuation, total disclosed funding, investors, status, sources, and why the company is interesting. Part of the Venture Capital Tracker startup directory.
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Understory funding, valuation and investors

Climate-risk insurance and hyperlocal weather risk platform for weather-exposed industries.

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Funding, valuation & investors

Answer-first snapshot

Latest funding

Series A

$15M · June 2024

Latest known valuation

Not publicly disclosed

Total disclosed equity funding

$15M

Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.

Current status

private

series a · Madison, WI

Investors in latest funding

Lead: True Ventures , Prelude Ventures

Sources: latest funding Last verified: 2026-07-26

Overview

Understory provides insurance solutions and climate-risk technology for industries exposed to severe weather (notably auto dealers open-lot hail risk, expanding to renewables). HQ: 4916 E Broadway, Suite 200, Madison, WI 53716. June 5, 2024: $15M Series A co-led by True Ventures and Prelude Ventures.

Why Understory is interesting

Madison insurtech with proprietary weather sensing + Dealers Open Lot insurance; $15M Series A (Jun 2024) co-led by True Ventures and Prelude Ventures.

Product & use cases

Weather-risk sensing/analytics bundled with specialty insurance programs for climate-vulnerable industries.

  • Auto dealer open-lot hail insurance
  • Renewable energy weather risk
  • Hyperlocal severe weather insights

Key facts

  • HQ: 4916 E Broadway, Suite 200, Madison, WI
  • Series A (Jun 2024): $15M co-led by True Ventures & Prelude Ventures
  • Dealers Open Lot insurance + hyperlocal climate risk engine
  • Founded 2012; CEO Alex Kubicek

Funding history (newest first)

Series A

2024-06 $15M
  • True Ventures (lead)
  • Prelude Ventures (lead)

Source: https://www.prnewswire.com/news-releases/climate-risk-solving-insurance-provider-understory-secures-15-million-series-a-funding-302164916.html

Competitive landscape

Edge: Sensor-informed risk selection that traditional P&C pricing struggles to match for localized hail.

  • Traditional dealer open-lot carriers incumbent

    Standard P&C programs.

  • Other climate insurtechs direct

    Parametric/climate specialty MGAs.

Industries

Fintech Climate Tech

FAQs about Understory

Practical answers founders, operators, and investors typically search for.

Madison, WI — 4916 E Broadway, Suite 200.
$15M in June 2024 co-led by True Ventures and Prelude Ventures.
Climate-risk insurance and hyperlocal weather risk platform for weather-exposed industries.
Madison, WI
No — private as of July 2026.
series-a
See investors / fundraisingRounds when disclosed; otherwise company press page.
fintech, climate-tech
2012
https://understoryweather.com/
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By Venture Capital Tracker

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Editorial note: AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.