Loading...

OnePlanetCapital supports Renew Risk, a clean-energy risk analytics SaaS startup, in seed funding round

Investors in this round: 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

 

  • Renew Risk raises £1.7M seed funding to improve the financing, planning and insurance for renewable energy infrastructure.
  • Round led by strategic investor Insurtech Gateway with participation from ClimateTech fund One Planet Capital,
  • The London based B2B Fintech/Insurtech SaaS provider offers solutions to insurers, (re)insurers, insurance brokers, banks and offshore wind farm developers.
  • Renew Risk aims to revolutionise the end to end financial life cycle of offshore wind farms which is expected to be a $1T industry by 2040.

THE FULL STORY:

Renew Risk, a London-based clean-energy risk analytics SaaS startup, raises £1.7M seed funding to improve the 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 next 10 years will see exponential growth in the offshore wind industry – expected to be a $1T industry by 2040.  This growth requires massive institutional investment yet the associated risks remain largely unmeasurable. Offshore wind is currently experiencing ‘Capacity Crunch’ as the insurers are finding these large assets too uncertain to insure, or price accurately. 

The startup already has models live with global (re)insurers leading on supporting transition to green energy. The investment will enable the company to expand its customer base across the United States and Asia and develop next-generation products that cover additional asset classes.

 

Anthony Chant, Investment Director at OnePlanetCapital, said, “We are delighted to be supporting Renew Risk as they launch the product globally. We believe that this insurance product can really help in accelerating financialisation of wind farms globally. We are looking forward to supporting the business in their future growth.”

 


Boilerplates

  1. Renew Risk  is a B2B SaaS startup dedicated to improving the end to end financial lifecycle from planning to financing to insurance of renewable energy assets like offshore wind farms. With a passionate team of experts, leveraging deep data science technologies and a deep understanding of industry dynamics, Renew Risk is committed to transforming insurance and finance of renewable energy and shaping a better future.
  2.  Insurtech Gateway, the specialist insurtech investor, is on a mission to support founders tackling complex climate and social challenges. The Gateway incubates early stage founders to de-risk their regulatory and insurance metrics. Founded in 2016, the Gateway has authorised incubators in London and Sydney, supporting 28 portfolio companies, live in 97 countries, working with 26 insurers. Insurtech Gateway would like to meet early-stage founders with game-changing ideas or products, and progressive (re)insurers who are interested in collaboration.

 

  1. OnePlanetCapital is an early-stage EIS VC focused on businesses that impact climate change.  The OnePlanetCapital team is different from most venture capital firms in that it is a hybrid of experienced entrepreneurs who have built significant businesses and finance professionals with extensive investment experience backed up with an advisory panel of environmental expertise.  www.oneplanet.capital

 

£1.7m

OnePlanetCapital supports Renew Risk, a clean-energy risk analytics SaaS startup, in seed funding round

OnePlanetCapital supports Renew Risk, a clean-energy risk analytics SaaS startup, in seed funding round

By oneplanet.Capital OnePlanetCapital Profile 21 Sep 2023