Renew Risk, a London-based clean-energy risk analytics SaaS startup, has raised £1.7m seed funding to improve its offering to assist with the financing, planning and insurance for renewable energy assets.

The firm aims to provide risk assessment solutions that will allow re/insurers, insurance brokers and offshore wind farm developers to assess the risk of billion-dollar renewable energy assets being constructed in deep sea and in natural disaster prone regions. Its risk modelling software calculates the frequency and severity of financial losses due to natural disasters, allowing re/insurers to understand the risk and provide capacity. It says that by securing insurance for large offshore wind projects, institutional investors are more inclined to provide the necessary financing to expedite the transition to renewable energy.

The latest funding round has been led by strategic investor Insurtech Gateway with participation from ClimateTech fund One Planet Capital, the University of Surrey, and super angels Chris Adelsbach and Rahul Munjal. Renew Risk says the investment will enable it to expand its customer base across the US and Asia and develop next-generation products that cover additional asset classes.

The startup already has models live with global re/insurers leading on supporting transition to green energy.

Ashima Gupta, CEO at Renew Risk, said: “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.”

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