Arbol, a parametric insurance provider, has secured USD 60 million in a Series B funding round co-led by Giant Ventures and Opera Tech Ventures, with participation from Mubadala Capital. This brings the company's total funding to USD 69 million.

The new capital will support Arbol’s continued expansion into the agriculture and renewable energy sectors with products tailored for new perils and geographies. Part of the funds will also be used for global expansion and to increase investments in property and casualty insurance lines, as well as home insurance business lines in the US and internationally. 

Analyst QuickTake: This funding round follows the launch of Lilypad Insurance , a newly established company catering to the insurance needs of homeowners and property owners located in coastal areas. Lily Insurance also announced the acquisition of Centauri Specialty Insurance Company and Centauri National Insurance Company, to expand Arbol’s market presence and address the growing coverage gap in coastal communities.