# Understory

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

## Why it 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.

## Profile

- **Latest funding:** Series A — $15M (June 2024)
- **Latest known valuation:** Not publicly disclosed
- **Total disclosed equity funding:** $15M
- **Stage:** series-a
- **Status:** private
- **Industries:** fintech, climate-tech
- **Coverage:** full
- **Last updated:** 2026-07-26
- **Latest funding investors:** True Ventures, Prelude Ventures

## 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

- Series A · $15M · June 2024
  Source: https://www.prnewswire.com/news-releases/climate-risk-solving-insurance-provider-understory-secures-15-million-series-a-funding-302164916.html

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)
**Last updated:** July 26, 2026

**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.

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Source: https://venturecapitaltracker.com/startup/understory