Renew Risk, a London-based startup developing software for the management of renewable energy assets, has raised £1.7m.
Founded in 2021, Renew Risk is looking to provide software that covers the funding, arrangement and insurance for businesses with renewable energy assets. It is primarily used by insurance companies, brokers, banks and wind infrastructure developers.
Stephen Brittain, co-founder at Insurtech Gateway, said: “Renew Risk has effectively characterised the risks associated in planning and prioritising the most effective sites for offshore wind farms.”
Renew Risk, which aims to improve the financial lifecycle of renewable energy assets, said it expects the offshore wind farm industry to be worth as much as $1tn by 2040
Its funding round was led by Insurtech Gateway and featured participation from One Planet Capital’s climate tech fund, the University of Surrey and angel investors Chris Adelsbach and Rahul Munjal.
Anthony Chant, investment director at OnePlanetCapital, said: “We are delighted to be supporting Renew Risk as they launch the product globally. We believe that this insurance product can really help in accelerating the financialisation of wind farms globally.”
The London-based renewable energy fintech said it will use its latest influx of financing to expand to the US and Asia and provide software for the management of additional asset classes.