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 OnePlanetCapital, 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.”
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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.
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