IBISA, the Luxembourg-based climate insurtech startup, has just raised a €1.5 million seed round led by specialist incubator + venture fund Insurtech Gateway, alongside other strategic co-investors including Rockstart’s AgriFood fund.
With the climate crisis accelerating and the increasing need for sustainable solutions to protect against and mitigate the consequences of climate damage, IBISA’s solution has launched at a critical time.
Founded in 2019, IBISA builds, distributes and operates climate insurance solutions for agriculture in a cost-efficient, scalable and innovative way. Having developed an Insurance as a Service platform that combines high tech (satellite data, blockchain and actuarial technology), the market innovators are redefining climate insurance with an approach of simplicity and efficiency underpinning strategy.
The young company offers configurable Weather Parametric insurance with affordable premiums and rapid payouts in a fully digitalised and transparent platform. The result is a gamechanger for how cooperatives, agriculture financial providers, agricultural suppliers and food and beverage corporations recover from the impact of extreme weather events and it supports smallholder farmers to stay in business and flourish.
Across the globe, we are seeing an increased frequency and harshened severity of extreme weather – putting the global food supply chain, and especially smallholder farmers, at more risk than ever before. IBISA calculates that more than 80% of smallholder farmers do not have any form of agricultural insurance
Maria Mateo, Co-Founder and CEO, IBISA said: “I come from an agricultural family and have faced unpredictable weather events firsthand. After 15 years of working in the satellite industry and with the current state of technologies like remote sensing and blockchain, I saw the opportunity to transform agriculture insurance for the better. With this round we will grow our presence in the markets we currently operate in and start opening new markets. We will also continue to further develop our climate insurance products and our end-to-end platform to make insurance transparent, cost-efficient and frictionless across the chain.”
The impact of our changing climate on agriculture is a global issue. Our entire food supply depends upon farmers and agricultural activity across the world. The Luxembourg headquartered company is currently already operating on a global scale, recognising this impact. The new funding will be sued to fuel further expansion across the Philippines and India, alongside hiring and entering new markets.
via https://www.AiUpNow.com
December 14, 2021 at 06:33AM by contact@bcurdy.com, Khareem Sudlow
