Climate insurtech platform IBISA raises a €1.5m seed round led by Insurtech Gateway
The Luxembourg-based startup IBISA has raised a €1.5m seed round, led by specialist incubator + venture fund Insurtech Gateway, alongside other strategic co-investors including Rockstart’s AgriFood fund. The seed round raised by IBISA will be used to fuel further expansion across the Philippines and India, alongside hiring and entering new markets.
IBISA’s solution has launched at a critical time. The climate crisis is accelerating and the frequency and severity of extreme weather events is putting the whole food supply chain, and specifically smallholder farmers, at more risk than ever before. Globally, more than 80% of smallholder farmers do not have any form of agricultural insurance.
IBISA builds, distributes and operates climate insurance solutions for agriculture in a cost-efficient, scalable and innovative way. Configurable Weather Parametric insurance with affordable premiums and rapid payouts sit in a fully digitalised, transparent platform. This is changing the way cooperatives, agriculture financial providers, agricultural suppliers and food and beverage corporations recover from the impact of extreme weather events and support smallholder farmers to stay in business and flourish.
“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”, said Stephen Brittain, Co-Founder, Insurtech Gateway.
“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”, said Maria Mateo, Co-Founder and CEO, Ibisa.
The Luxembourg-based startup is currently operating in the Philippines and India, with plans to expand into new markets.
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