IBISA, a global leader in the Climate InsurTech sector, has successfully raised $3m to enhance its parametric insurance offerings aimed at mitigating weather-related risks across Asia and Africa.
This funding round saw significant contributions from The Acumen Resilient Agriculture Fund (ARAF) and Equator, alongside the Asian Development Bank Ventures (ADBV) and returning investors including Ankur Capital. The investment underscores a robust commitment to advancing climate resilience through innovative financial solutions.
Established in Luxembourg, IBISA specializes in the development and operation of parametric insurance products designed to bolster financial resilience in regions highly susceptible to extreme weather events. By leveraging state-of-the-art satellite and actuarial technologies, the company has introduced a range of climate coverage options that cater to diverse stakeholders globally.
These offerings include insurance tailored to agricultural needs, typhoon coverage, and loan protection for financial institutions, which are critical in areas like India where IBISA has established a significant presence.
The newly acquired funds are earmarked for the creation of pioneering insurance products and expansion into new emerging markets.
Maria Mateo, CEO of IBISA, said, “Since the beginning at IBISA, we have functioned with great agility as product innovators and bringing these products to market efficiently. This is what drives us. This is our DNA. Now, we are entering the industrialisation phase of our journey. With the backing of this fundraising effort and the support of both existing and new investors, our goal is to amplify our product offerings, expand within our current markets, and explore new markets.”
Echoing this sentiment, Tamer El-Raghy, Managing Director of ARAF, said, “We’re honored to co-lead this investment round in IBISA with Equator and excited to partner with a world-class entrepreneur like Maria. African farmers are among the most negatively impacted by climate change and the need for low-cost parametric insurance products is a must-to-have for those farmers to be able to absorb a climate shock and IBISA’s cutting-edge technology helps developing low-cost insurance products for those farmers. This investment is an invaluable addition to ARAF’s portfolio and we look forward to supporting IBISA’s regional growth.”
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