Renew Risk, domain leader in risk modelling and analytics for renewable energy assets, has successfully raised £5m in a funding round led by Molten Ventures with participation from Lloyd’s, existing investors Insurtech Gateway and influential angels.
The funding underscores a growing recognition of Renew Risk’s unique ability to bridge the gap between the renewable energy sector and financial markets. By pairing advanced analytics with deep industry expertise, Renew Risk provides unparalleled 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 all participants in financial markets to make data-driven decisions, ensuring more resilient and sustainable coverage and investments.
The £5m investment will be deployed to enhance Renew Risk’s proprietary risk models suite, expanding its team of risk modellers and climate experts, and extend its market reach globally.
Renew Risk has already established itself as a trusted partner within the insurance industry where number of its clients are currently using the product. With this new funding, the company is poised to scale its impact, delivering innovative solutions at the intersection of renewable energy and risk management.
“We are thrilled to have the support of Molten Ventures and Lloyd’s, two powerhouses in innovation and insurance, respectively. This investment will accelerate our ability to build sophisticated risk models for the renewable energy sector, empowering stakeholders to navigate the complex challenges of disaster risk with confidence.”
Ashima Gupta, CEO and Co-Founder of Renew Risk.
“Renewable assets coming online need to be financed and insured. The pace of deployment is being impaired by the lack of appropriate risk modelling for these new assets—leading to risk that isn’t properly quantified and priced. We are delighted to partner with the Renew Risk team as they built out their world leading risk analytics for the renewable energy sector. “
George Chalmers, Head of Climate at Molten Ventures.
“We are pleased to continue supporting Renew Risk who came through the Lloyd’s Lab, and whose sustainability goals align with ours, as we help our customers to face the challenges of transitioning to lower carbon models. Their solution will help our market and the insurance industry to have greater confidence in underwriting renewable energy projects around the world.”
Warren Clegg, Head of Private Assets at Lloyd’s.
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