Aquiline Technology Growth has led a $7 million seed round towards newly launched start-up, Oka, The Carbon Insurance Company.
The funding round also included Firstminute, a founder-led fund focused on climate tech.
The funding is aimed at scaling the new platform’s insurance offerings for the carbon credit market.
The funding comes as demand for both carbon offset projects, and related credits is expected to increase significantly over the next several years.
The voluntary carbon market (VCM) is projected to reach $1 billion by 2037.
Oka is currently focusing on providing insurance that will replace credits if destroyed or invalid. This will help to provide security and confidence to the VCM market.
Additionally, the investment will be used to scale Oka’s innovative carbon credit insurance offerings, addressing the risks that large US corporations face when buying carbon credits to offset their emissions and meet net-zero targets.
Chris Slater, Founder and CEO of Oka, The Carbon Insurance Company, commented: “We are honored to have the support of Aquiline in accelerating the growth of our company and achieving our vision for making insurance an integral part of the voluntary carbon credit market. With their help, we are confident that we will accelerate the growth of our company and achieve our mission of insuring the transition to net-zero.”
Max Chee, Partner and Head of Aquiline Technology Growth, added: “Chris and the team at Oka have a compelling vision for maturing the carbon credit market through its insurance offerings. We are excited about our partnership and look forward to seeing the lasting impact Oka will have on the voluntary carbon market.”
