Climate-focussed insurtech Ibisa nabs €1.5m funding for expansion

Luxembourg-based Ibisa has raised €1.5 million seed funding led by specialist incubator and venture fund Insurtech Gateway, alongside other strategic co-investors including Rockstart’s AgriFood fund, for its climate insurtech platform.

Ibisa plans to use the funding to fuel expansion across the Philippines and India, alongside hiring and entering new markets.

The start-up offers climate insurance solutions, including parametric insurance products, for the agriculture industry.

Ibisa seeks to change 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.

With the climate crisis accelerating and the frequency and severity of extreme weather events rising, Ibisa believes its solution has launched at a critical time.

“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,” said Stephen Brittain, co-founder, Insurtech Gateway. “We are excited to be investing in such an impactful and scalable model.”

Maria Mateo (pictured), co-founder and CEO of Ibisa, said: 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.”

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