FloodFlash, a London, UK-based parametric insurance technology company that pays catastrophic flood claims within 48 hours, raised $15m in Series A funding.

The round was led by Buoyant Ventures with participation from Munich Re Ventures, Sony Financial Ventures/Global Brain, MS&AD Ventures and PropTech1, Pentech, Local Globe and Insurtech Gateway.

The company intends to use the funds to accelerate international expansion with target markets including the US, Germany, Australia, and Japan.

Led by CEO Adam Rimmer, FloodFlash is an insurance technology company that combines computer models, cloud software and internet-of-things sensors into flood cover.

When flooding reaches the depth selected, the insurance pays out, typically within 48 hours.