Renew Risk Secures £1.7 Million in Seed Funding and Officially Launches to the Market

Renew Risk, a London-based startup specializing in clean-energy risk analytics software as a service (SaaS), has successfully secured £1.7 million in seed funding. The company aims to enhance the financing, planning, and insurance processes for renewable energy assets. Leading this funding round is strategic investor Insurtech Gateway, with notable contributions from ClimateTech fund One Planet Capital, the University of Surrey, and prominent angel investors Chris Adelsbach and Rahul Munjal.

As the world undergoes a significant transition towards sustainable energy sources, the next decade is poised for exponential growth in the offshore wind industry. Predicted to become a $1 trillion industry by 2040, this remarkable expansion necessitates substantial institutional investments. However, the associated risks remain challenging to quantify. The offshore wind sector is currently grappling with a ‘Capacity Crunch’ as insurers grapple with the uncertainty and pricing complexities associated with these large-scale assets.

Renew Risk offers robust risk assessment solutions tailored to (re)insurers, insurance brokers, and offshore wind farm developers. These solutions are designed to facilitate accurate risk evaluation for billion-dollar renewable energy assets located in deep-sea and disaster-prone regions. The company’s groundbreaking risk modeling software, powered by advanced data science techniques, precisely calculates the frequency and magnitude of financial losses resulting from natural disasters. This innovative product empowers (re)insurers to gain a comprehensive understanding of the risks involved and confidently provide coverage.

By securing insurance coverage for large-scale offshore wind projects, Renew Risk plays a pivotal role in encouraging institutional investors to allocate the necessary financing for accelerating the transition to renewable energy.

Already, Renew Risk has deployed its models in collaboration with leading global (re)insurers who are at the forefront of supporting the transition to green energy. With this recent investment, the company is poised to expand its clientele across the United States and Asia while also focusing on the development of next-generation products that extend coverage to additional asset classes. This strategic expansion will further solidify Renew Risk’s role in shaping the renewable energy landscape.

Renew Risk’s CEO, Ashima Gupta, expressed gratitude for the support and confidence demonstrated by the investors, stating, “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.”

Stephen Brittain, Co-Founder at Insurtech Gateway, commented, “Renew Risk has effectively characterised the risks associated in planning and prioritising the most effective sites for offshore wind farms. With numerous government commitments to accelerate this sector, it is an exciting time to be part of the Renew Risk team. We are delighted to join them on this journey.” 

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.”

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.