Renew Risk funding news – London-based Renew Risk Raises £5M in Funding

The funding round was led by Molten Ventures, with additional contributions from Lloyd’s, Insurtech Gateway, and key angel investors.

George Chalmers, Head of Climate at Molten Ventures, says, “Renewable assets coming online need to be financed and insured. The pace of deployment is being impaired by the lack of appropriate risk modelling for these new assets—leading to risk that isn’t properly quantified and priced. We are delighted to partner with the Renew Risk team as they build out their world-leading risk analytics for the renewable energy sector.”

Renew Risk aims to improve the entire financial process for renewable energy assets, from planning and insurance to financing.

By combining advanced data analysis with industry knowledge, the company helps insurers, brokers, bankers, developers, and asset managers assess physical risks—like hurricanes, earthquakes, and storms—that could impact renewable energy assets such as wind and solar farms.

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These risk models help businesses make smarter, data-driven decisions, leading to more reliable and sustainable investments and insurance coverage. The funding will help Renew Risk enhance its risk models grow its team of experts, and expand into more global markets.

Ashima Gupta, CEO and co-founder of Renew Risk, says, “We are thrilled to have the support of Molten Ventures and Lloyd’s, two powerhouses in innovation and insurance, respectively. This investment will accelerate our ability to build sophisticated risk models for the renewable energy sector empowering stakeholders to navigate the complex challenges of disaster risk with confidence.”

Lloyd’s is a global marketplace for insurance and reinsurance, bringing together underwriters, brokers, and coverholders to create risk solutions for various industries. It operates in over 200 countries and includes more than 50 insurance companies and 380 brokers.

Renew Risk joined the Lloyd’s Lab accelerator program in 2023 (Cohort 11) to finalize its US catastrophe risk model. The program helped them gain market exposure and led to client discussions and licensing deals for their models.

The Lloyd’s Lab is a 10-week program that helps companies test and develop new insurance and reinsurance solutions with guidance from industry experts.

Speaking about the investment in Renew Risk, Warren Clegg, Head of Private Assets at Lloyd’s, says, “We are pleased to continue supporting Renew Risk who came through the Lloyd’s Lab, and whose sustainability goals align with ours, as we help our customers to face the challenges of transitioning to lower carbon models. Their solution will help our market and the insurance industry to have greater confidence in underwriting renewable energy projects around the world.”

About Renew Risk

Renew Risk offers science-based B2B software solutions to improve the financial management of large renewable energy projects. Their software helps with financial planning, banking, and insurance for renewable energy assets, including offshore and onshore wind farms, tidal energy, hydrogen, and more.