XL Group leads $16.5m funding in maritime risk start-up Windward

Windward, an Israel-based maritime risk analytics start-up, has raised $16.5 million in Series C funding led by re/insurer XL Catlin-backed insurtech fund XL Innovate.

The latest financing brings the total raised to date to $38.9 million. Other investors included Horizons Ventures and Aleph, alongside a number of individuals such as Salesforce chairman & CEO Marc Benioff.

Windward said it will use the funding to strengthen its position within the marine insurance market, expediting the development and rollout of its suite of marine insurance products, hiring top talent, and expanding its London office.

As part of the fundraising, Tom Hutton, XL Innovate managing partner and former CEO of RMS, will become a board director at Windward.

Hutton commented: “Windward has established itself as the industry leader in marine risk analytics, earning the trust of governments and law enforcement agencies globally - and now expanding into insurance. We look forward to supporting Windward further, with our new equity investment complementing our existing commitment of time and resources.”

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