Climate InsurTech gets backing to transform agriculture insurance

Luxembourg-based climate InsurTech IBISA has raised €1.5m in a seed round led by InsurTech Gateway.

Other strategic co-investors also participated in the round, including Rockstart’s AgriFood fund.

The startup is currently operating in the Philippines and India. 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 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 digitalised, transparent platform.

The climate InsurTech’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 said.

The company said it has the potential to unlock the agriculture micro-insurance market and bring protection and revenue stability to millions of smallholders worldwide. This helps to promote food security, contributes to resilience and generates prosperity.

Maria Mateo, co-founder and CEO of IBISA, said, “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.”

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