Renew Risk, a London, UK-based clean-energy risk analytics SaaS startup, raised £1.7M in Seed funding.
The round was led by Insurtech Gateway with participation from ClimateTech fund One Planet Capital, University of Surrey, and angels Chris Adelsbach and Rahul Munjal.
The company intends to use the funds to engage with a customer base across US and Asia, and build products covering other asset classes.
Led by CEO Ashima Gupta, Renew Risk provides risk assessment solutions that will allow (re)insurers, insurance brokers and offshore wind farm developers to appropriately assess the risk of billion dollar renewable energy assets being constructed in deep sea and in natural disaster prone regions. Their risk modelling software, driven by data science, calculates the frequency and severity of financial losses due to natural disasters. The product allows (re)insurers to understand the risk and confidently provide capacity. By securing insurance for large offshore wind projects, investors are more inclined to provide the financing to expedite the transition to renewable energy.
Renew Risk already has models live with global (re)insurers leading on supporting transition to green energy.
FinSMEs
25/09/2023