Renew Risk secures £1.7m funding for clean-energy risk analytics
Renew Risk, a London-based clean-energy risk analytics SaaS startup, has secured £1.7 million in seed funding to enhance financing, planning, and insurance for renewable energy assets. The funding round is led by strategic investor Insurtech Gateway, with participation from ClimateTech fund One Planet Capital, the University of Surrey, and super angels Chris Adelsbach and Rahul Munjal.
As the world transitions towards green energy, the offshore wind industry is expected to experience significant growth over the next decade, projected to reach a value of $1 trillion by 2040.
However, this growth requires substantial institutional investment while the associated risks remain largely unmeasurable. Renew Risk aims to mitigate these risks by providing robust risk assessment solutions for (re)insurers, insurance brokers, and offshore wind farm developers.
Their revolutionary risk modelling software, powered by deep data science, calculates the frequency and severity of financial losses resulting from natural disasters. By accurately understanding the risk, (re)insurers can confidently provide capacity, enabling the securement of insurance for large offshore wind infrastructure projects. This, in turn, encourages institutional investors to provide the necessary financing to expedite the transition to renewable energy.
Renew Risk is already working with leading global (re)insurers to support the transition to green energy. The funding will allow the company to expand its customer base in the United States and Asia and develop next-generation products covering other asset classes. Renew Risk's CEO, Ashima Gupta, expressed gratitude for the support and confidence shown by the investors, highlighting the transformative impact the company aims to make in the insurance industry.
They've invested in Renew Risk
Get to know these SaaS investors
Click here for a full list of 7,526+ startup investors in the UK