Carbon Insurance Company Oka announced it has closed a $10 million funding round, which sets the foundation for the next growth phase. The company’s lead investors included Aquiline Capital Partners LP, firstminute capital, and Overview Capital. This round of funding also included the support of multiple angel investors with a vested interest in climate technology and carbon-market innovation.
The proceeds from this funding will support Oka’s risk-based capital requirements and operational growth, as it underwrites through its Lloyd’s syndicate-in-a-box (SIAB) Oka Syndicate 1922. In the interest of Syndicate 1922, Oka has partnered with three reinsurance providers and secured a capital commitment from a subsidiary of NASDAQ-listed reinsurance group Greenlight Capital Re, Ltd. And Greenlight Re will participate as a capacity provider for Oka’s first three years of operation.
Syndicate 1922 was launched earlier this year along with its flagship embedded insurance solution, Carbon Protect, which meets the burgeoning demand for innovative risk and quality solutions in the voluntary carbon market (VCM). Soon after, Oka revealed a series of market-first channel partners, including carbon-credit platforms Cloverly, Oregon Biochar Solutions (OBS), and GECA Environnement (GECA).
KEY QUOTE:
“In a difficult market for venture funding and the VCM alike, we’re delighted by the vote of confidence in Oka. The capital committed by our brilliant investors and capital partners puts us one step closer to realizing 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.”
– Oka CEO Chris Slater
