Renew Risk bags €5.9 million for insight on physical risks like hurricanes or earthquakes – BeBeez International
Summary
London-based Renew Risk, a startup focused on risk modelling and analytics for renewable energy assets, has successfully raised 5.9 million to bridge the gap between the renewable energy sector and financial markets.The funding round was led by Molten Ventures with participation from Lloyds, existing investors included Insurtech Gateway and Angels.Ashima Gupta, CEO and Co-founder of Renew Risk, commented on the funding: We are thrilled to have the support of Molten Ventures and Lloyds, two powerhouses in innovation and insurance, respectively. Founded in 2023 by Ashima Gupta, Gaurav Chawla, and Joshua Macabuag, Renew Risks mission is to improve the end to end financial lifecycle from planning to insurance to financing of renewable energy assets. Their team leverages deep data science technologies and an understanding of industry dynamics.Renew Risk provides insights to (re)insurers, insurance brokers, bankers, developers and asset managers into physical risks like hurricanes, earthquakes and severe connective storms affecting renewable energy assets like offshore wind farms and solar farms. These models enable participants in financial markets to make data-driven decisions, ensuring more resilient and sustainable coverage and investments.George Chalmers, Head of Climate at Molten Ventures, commented: Renewable assets coming online need to be financed and insured. Their solution will help our market and the insurance industry to have greater confidence in underwriting renewable energy projects around the world .