London-based Renew Risk secures €5.9M to transform renewable energy finance and insurance

London-based Renew Risk, a provider of risk modelling and analytics for renewable energy assets, has secured £5M (approximately €5.99M) in funding.

The round was led by Molten Ventures, with contributions from Lloyd’s, Insurtech Gateway, and prominent 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.”

A software to secure energy transition

Renew Risk focuses on enhancing the entire financial lifecycle of renewable energy assets, from planning to insurance and financing.

By combining advanced analytics with industry expertise, the company helps (re)insurers, brokers, bankers, developers, and asset managers assess physical risks—such as hurricanes, earthquakes, and severe storms—impacting renewable energy assets like wind and solar farms. 

These risk models enable data-driven decision-making, to make more resilient and sustainable investments and insurance coverage.

Capital utilisation

The funds will help Renew Risk improve its proprietary risk models, grow its team of risk modellers and climate experts, and expand its global market presence.

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 Lab accelerator

Lloyd’s is a global insurance and reinsurance marketplace, bringing together underwriters, brokers, and coverholders to develop risk solutions across industries. Operating in over 200 territories, it comprises more than 50 insurance companies and 380 registered brokers.

Renew Risk joined Cohort 11 (2023) of the Lloyd’s Lab accelerator, leveraging the programme to finalise its US catastrophe risk model. The experience provided market exposure, facilitating client discussions and licensing agreements for its models. 

The Lloyd’s Lab is a 10-week initiative that helps companies test and develop new insurance and reinsurance solutions with industry expert support.

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.”

Brief about the investors

Molten Ventures is a European venture capital firm that invests in high-growth technology companies across four sectors: Enterprise & SaaS, Deeptech & Hardware, Consumer, and Digital Health. Since its IPO in 2016, the firm has invested over £1B and realised over £600M as of September 2024.

Insurtech Gateway, a specialist insurtech investor, supports founders addressing climate and social challenges. Its incubator provides early-stage tech startups with underwriting capacity, regulatory support, seed funding, and expert guidance.