Renew Risk raises £1.7m in seed funding led by Insurtech Gateway to expand its renewable energy risk modelling platform.
The seed round was led by Insurtech Gateway with participation from One Planet Capital, the University of Surrey, and angel investors.
Renew Risk provides risk modelling and analytics for renewable energy assets, helping financial markets assess physical hazards. The company connects renewable developers with insurers through proprietary data modelling.
Renew Risk has secured £1.7m in a seed funding round led by Insurtech Gateway. Additional backing came from One Planet Capital, the University of Surrey, Chris Adelsbach, and Rahul Munjal.
The London-based software provider develops risk analytics for offshore wind farms and other renewable energy assets. Its technology calculates potential losses from natural disasters to help insurers price capacity and unlock institutional financing.
The fresh capital will be directed towards international expansion across the US and Asia, alongside the development of products covering new asset classes.
From the founder
"We are thrilled to have secured this significant funding round, led by Insurtech Gateway. This investment not only validates the tremendous potential of Renew Risk, but it also propels us forward on our mission to help improve the financial processes key for the transition to green energy. With this support, we are now poised to accelerate our product development, expand our market reach, and continue driving innovation in the industry. We are grateful to our esteemed consortium of investors for their trust and belief in our vision and we are excited about the transformative impact we will make in the insurance industry."
Ashima Gupta
CEO and Co-Founder at Renew Risk
Investor perspective
"Renew Risk has effectively characterised the risks associated in planning and prioritising the most effective sites for offshore wind farms. With numerous government commitments to accelerate this sector, it is an exciting time to be part of the Renew Risk team. We are delighted to join them on this journey."
Stephen Brittain
Co-Founder, Insurtech Gateway
Use of funds
- 01Expand into international markets
- 02Continue product development
Investors
Stephen Brittain
Insurtech Gateway
Anthony Chant
One Planet Capital
University of Surrey
Chris Adelsbach
Rahul Munjal
Categories
About the company
Renew Risk
Renew Risk builds risk modelling and analytics software for renewable energy assets.