The Luxembourg based startup IBISA has raised a €1.5m seed round, led by specialist incubator and venture fund Insurtech Gateway, alongside other strategic co-investors including Rockstart’s AgriFood fund.
The funding will go towards IBISA’s new solution, which has launched at a critical time, with the climate crisis accelerating and the frequency and severity of extreme weather events.
IBISA’s new technology, built on blockchain and satellite data, is about to revolutionise how the whole agricultural ecosystem manages risk. Parametric insurance products, affordable premiums and rapid payouts all sit in a transparent, fully digitised platform.
According to IBISA, globally, more than 80% of smallholder farmers do not have any form of agricultural insurance. Without insurance, the increase in extreme weather is putting farmers’ livelihoods and our own food supply chain at risk.
The funding will be used to fuel further expansion across the Philippines and India, alongside hiring and entering new markets.
Stephen Brittain, Co-Founder, Insurtech Gateway commented: “Historically microinsurance was not commercially viable due to many reasons such as low premiums, expensive claims handling, challenging distribution and a lack of trust. IBISA is using technology across the whole ecosystem to solve these problems and help manage risk.
“Enabling smallholder farmers around the world to access affordable insurance and stabilise their incomes in the face of extreme weather. We are excited to be investing in such an impactful and scalable model.”
Maria Mateo, Co-Founder and CEO, Ibisa added: “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.”
