Luxembourg-based climate insurtech startup IBISA has secured $3 million to improve parametric insurance solutions for weather-related risks in Asia and Africa. The investment was led by the Acumen Resilient Agriculture Fund (ARAF) and Equator.
- Founded in 2019, IBISA is a global climate insurtech startup that develops satellite and actuarial technologies to provide simple and efficient parametric insurance products, aiming to assist those affected by the climate crisis.
- IBISA offers climate coverage for various stakeholders worldwide, including agricultural, typhoon, and loan protection. Additionally, the company has developed a heat stress insurance product specifically for dairy farmers in India and Bangladesh.
- The startup has partnered with several notable firms, including Insurtech Gate Way, Factore Ventures, the World Food Programme, Future Generali, and Icmif.
Details of the deal
- The investment was led by Acumen Resilient Agriculture Fund (ARAF), an equity fund tailored to build the climate resilience of smallholder farmers, and Equator, a venture capital firm with offices in Nairobi, Lagos, London, and Colorado that focuses on technology-enabled, early-stage enterprises in energy, agriculture, and mobility.
“Investing in IBISA aligns with our strategy to back innovative ventures providing critical climate adaptation products and services. IBISA’s technology and business model specifically enable it to scale access to a broad range of affordable parametric insurance products across emerging markets,” Managing Partner of Equator, Nijhad Jamal, commented.
- The funding round saw participation from the Asian Development Bank Ventures (ADBV) and existing investor Ankur Capital, an Indian-based venture capital firm specializing in funding digital and science tech startups.
- The fresh capital will help IBISA develop its products and expand into emerging markets like Africa and India, enabling the scaling of its parametric insurance solutions for weather-related risks.
