After The Funding: Atlanta’s Sola Insurance Lands $8M Series A To Scale Weather And Data-Driven InsurTech

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Home insurance is in a difficult spot, especially after a natural disaster runs through a community, says Atlanta-based entrepreneur Wesley Pergament.

Fraudulent claims are rampant, driving up premiums and deductibles for everyone. The result? Higher costs and worse coverage for many homeowners.

Pergament, who now serves as Atlanta-based Sola Insurance’s CEO, believes that “objective, immutable weather data” can change the insurance landscape.

Sola’s focus is on providing affordable, more resilient, and consistent property insurance. The startup works by triggering payouts based on weather data, which helps remove fabricated and fraudulent claims. After a storm event, a policy holder submits photos of any damage on their property, and Sola receives the photos and analyzes data from NWS (National Weather Service) to confirm the storm's intensity and location. Payouts can go towards a deductible or other out-of-pocket costs associated with the damage.

Homeowners using Sola range from those living in $200,000 to multi-million dollar homes.

Currently available in 15 states across the country, Sola is now bringing on more venture capital as it looks to scale.

Sola's Funding Round By The Numbers

Nashville investors are leading Sola’s latest funding round, a $8 million Series A that closed in August.

The round was led by Nashville-based FINTOP Capital and JAM FINTOP. Menlo Park, California-based 10vc and Atlanta’s own Georgia Tech also participated in the round.

The Series A brings the startup’s total funding to $11.7 million, according to a press release.

Since landing its $3.7 million seed round (also led by FINTOP Capital) in December 2024, Sola said its revenue has grown 7x.

What The Funding Round Means

Wesley Pergament told Hypepotamus that the funding will go towards a hiring push for the InsurTech startup and enable Sola to “double down” on its go-to-market strategy.

When asked about the fundraising process, Pergament said that Sola was able to differentiate itself from others in the InsurTech space by focusing on its vertical integration play.

“A lot of InsurTech players previously were still selling the same exact home insurance policy [the incumbents] were selling, but they were trying to create a better buying experience. And that is absolutely important in the insurance ecosystem,” he told Hypepotamus. “However, the public InsurTech's are still going to be prone to the same issues that all the incumbents [are]. During this fundraising, we [positioned] ourselves by saying we're not building just this add-on style policy or just another pretty face on insurance. We're actually radically rebuilding what an insurance product looks like today.”

About Sola

A native of Long Island, New York, Pergament said that living through Hurricane Sandy caused him to find an “extreme interest in natural disasters and how they impact communities.” That naturally segued into an interest in how satellite imagery and its data could help better understand natural disasters.

What he soon realized was that older insurance policies weren't leveraging all the data they could to make more informed decisions.

“The data was telling us exactly where the damaged areas are,” Pergament told Hypepotamus. “The traditional insurance process of sending out an adjuster to estimate the value of the loss seemed inefficient with today's technology."

In 2022 the team behind Sola won Georgia Tech’s InVenture Prize, taking home $20,000 through the student innovation competition, before joining Create-X’s summer cohort on campus. Sola went through the Lloyd’s Lab Program, a InsurTech accelerator created by the London-based insurance giant Lloyd’s, two years ago.

Sola first rolled out its tornado policy in 2023. Ten months ago, the startup moved into the wind and hail coverage space.

“Tornadoes are devastating events. But in reality, they only affect a few thousand homeowners per year. Hail events impact millions of homeowners every single year. As a result, we knew that that was our next exciting opportunity,” Pergament added.

The Sola team is fully in person in its Midtown Atlanta office. Sales, product, marketing, and software engineering team leaders joined Sola from a mix of insurance and non-insurance backgrounds.