US-based Oka, The Carbon Insurance Company, has secured $10m investment to fuel its next phase of expansion.
Investors including Aquiline Capital Partners, firstminute capital, and Overview Capital, a firm dedicated to climate solutions, led the round.
The funding round also garnered support from various angel investors interested in climate technology and the innovation of the carbon market.
Oka plans to use the fresh infusion for operational expansion and risk-based capital requirements.
Besides, Oka teamed up with three reinsurance providers and obtained a capital commitment from a subsidiary of Greenlight Capital Re, whose
involvement as a capacity provider will support the carbon credit insurer’s operations for the initial three years.
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By GlobalData
The funding comes close on the heels of the launch of Lloyd’s syndicate-in-a-box (SIAB), Oka
Syndicate 1922, in January 2024, which coincided with the introduction of its flagship embedded insurance solution, Carbon Protect.
The initiative was in response to the growing demand for risk solutions within the voluntary carbon market.
Businesses utilise carbon credits to offset their emissions and achieve net-zero objectives. Carbon credits are generated through programmes such as planting trees.
Between January and March this year, Oka also formed collaborations with channel partners such as Cloverly, Oregon Biochar Solutions, and GECA Environnement.
Oka CEO Chris Slater said: “In a difficult market for venture funding and the VCM alike, we are delighted by the vote of confidence in Oka. The capital committed by our brilliant investors and capital partners puts us one step closer to realising our ambitious vision of insuring every carbon credit.
“Coupled with our early customer traction, their invaluable support reinforces our thesis that insurance is the “missing piece” required to unlock transformational market scale.”
In February 2023, Oka garnered over $7m in a seed funding round, which was led by Aquiline Capital Partners and involved the participation of firstminute capital.
