Renew Risk secures £1.7m seed funding
Ashima Gupta
CEO
Renew Risk
8 September 2023 - 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.
Renew Risk provides robust risk assessment solutions that will allow (re)insurers, insurance brokers and offshore wind farm developers to appropriately assess the risk of these billion dollar renewable energy assets being constructed in deep sea and in natural disaster prone regions. Their first of its kind risk modelling software, driven by deep data science, calculates the frequency and severity of financial losses due to natural disasters. The product allows (re)insurers to accurately understand the risk and confidently provide capacity. By securing insurance for large offshore wind projects, institutional investors are more inclined to provide the necessary financing to expedite the transition to renewable energy.
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.
“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.”
As Renew Risk embarks on the next phase of its journey, it invites renewable energy developers, bankers, insurers, financiers and other industry stakeholders to join in its mission of improving the financialisation of renewable energy assets and catalase clean energy investment.
About Renew Risk
Renew Risk provides the enhanced insights needed for insurers, energy developers and financiers to make informed decisions about renewable energy assets. Driven by client needs, Renew Risk combines a science-first approach with a passion for energy resilience to provide an unparalleled portfolio of catastrophe models and risk insights focussed solely on renewable energy infrastructure. Together, we can power the energy transition.