IBISA raises $3 million

Climate insurance startup IBISA has closed a $3 million funding round to scale its parametric insurance solutions for weather-related risks in Asia and Africa. The round was led by The Acumen Resilient Agriculture Fund and Equator, alongside the Asian Development Bank Ventures and existing investors including Ankur Capital.

The Luxembourg-based startup leverages “satellite and actuarial technologies” to design and manage parametric insurance products. Currently, IBISA offers a variety of coverages such as agricultural-focused insurance products, typhoon insurance, and loan protection for financial institutions.

The startup has operated in 4 different continents with different projects in Philippines, India, New Zealand, Guatemala, and West Africa.