PARK
CITY, Utah, March 28,
2024 /PRNewswire/ -- Oka, The Carbon Insurance
Company (Oka)™ has closed an $10-million investor raise that sets the
foundations for its next phase of growth.
Its lead investors included Aquiline Capital Partners
LP and firstminute capital — which formerly spearheaded
Oka's $7-million seed round — and
dedicated climate-solutions investor Overview Capital. The raise
also attracted the support of multiple angel investors with a
vested interest in climate technology and carbon-market
innovation.
Proceeds 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 also partnered with three reinsurance
providers and secured a capital commitment from a subsidiary of
NASDAQ-listed reinsurance group Greenlight Capital Re, Ltd..
Greenlight Re will participate as a capacity provider for Oka's
first three years of operation.
The announcement comes on the heels of several commercial
milestones for Oka.
Syndicate 1922 was launched in January
2024 — alongside its flagship embedded insurance solution,
Carbon Protect™ — to meet burgeoning demand for innovative risk and
quality solutions in the voluntary carbon market (VCM). Soon after,
Oka unveiled a series of market-first channel partners, including
carbon-credit platforms Cloverly, Oregon Biochar Solutions (OBS)
and GECA Environnement (GECA).
Commenting on the raise, Oka CEO Chris Slater said: "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."
About Oka, The Carbon Insurance Company™
Oka is a global INSURTECH100 and
ESGFINTECH100 company.
Follow Oka on LinkedIn.
Media Contact
Chris Slater
chris.slater@carboninsurance.co
LEGAL DISCLAIMER
Carbon Protect™ is an insurance policy available to certain
eligible owners of carbon credits in jurisdictions where Carbon
Insurance Agency, LLC is licensed as a surplus lines insurance
producer. Eligibility is determined based on applicable
underwriting criteria, and coverage is always subject to the terms
and conditions of an applicable policy. Carbon Insurance Agency,
LLC has authority to enter into contracts of insurance on behalf of
the Lloyd's underwriting members of Oka syndicate 1922 which is
affiliated with Carbon Insurance Agency, LLC and managed by Asta
Managing Agency, a managing agent at Lloyd's.
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SOURCE Oka, The Carbon Insurance Company