Renew Risk, a risk analytics SaaS provider for renewable energy assets, has secured £5 million in funding.
The round was led by Molten Ventures and included participation from Lloyd’s, existing investors Insurtech Gateway, and influential angel investors.
The company plans to use the investment to further develop its proprietary risk model suite, expand its team of risk modelers and climate experts, and broaden its global market reach.
Ashima Gupta, CEO and Co-Founder of Renew Risk, commented: “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.”
Already a trusted partner in the insurance industry, with several clients currently using its product, Renew Risk is now positioned to significantly scale its impact.
This funding highlights the increasing recognition of its ability to connect the renewable energy sector with financial markets, the firm noted.
Renew Risk’s advanced analytics, combined with deep industry expertise, provides re/insurers, insurance brokers, bankers, developers, and asset managers with crucial insights into physical risks.
These risks, such as hurricanes, earthquakes, and severe convective storms, can impact renewable energy assets like offshore wind and solar farms. The resulting models enable financial market participants to make data-driven decisions, leading to more resilient and sustainable coverage and investments.
George Chalmers, Head of Climate at Molten Ventures, said: “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.”
Warren Clegg, Head of Private Assets at Lloyd’s added: “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.
