IBISA Secures $3M to Revolutionize Parametric Insurance in Asia and Africa

IBISA, a leading climate insurtech company, has successfully closed a $3 million funding round, aimed at scaling its parametric insurance solutions to address weather-related risks in Asia and Africa. This significant investment was led by The Acumen Resilient Agriculture Fund (ARAF) and Equator, with additional backing from the Asian Development Bank Ventures (ADBV) and existing investors, including Ankur Capital.

Empowering Vulnerable Communities with Advanced Technology

Founded with a mission to enhance financial resilience in climate-vulnerable regions, IBISA leverages satellite and actuarial technologies to design and operate parametric insurance products. These products provide rapid and efficient payouts based on predefined weather parameters, such as windspeed and flood levels, thereby reducing the time and complexity involved in traditional claims processes.

Strategic Investment for Market Expansion

The $3 million investment will enable IBISA to scale its operations and expand its innovative insurance products across new markets. The company has already established a strong presence in India and is set to extend its reach to other countries, including Bangladesh. The funding will also support the development of new insurance products tailored to the needs of farmers and small businesses, such as heat stress insurance for dairy farmers.

Leadership and Vision

Maria Mateo, CEO of IBISA, emphasized the company's commitment to innovation and market efficiency: “Our agility in product innovation and market introduction drives us. With this new funding, we aim to amplify our offerings and explore new markets to better serve those at risk from climate change.”

Support from Industry Leaders

Tamer El-Raghy, Managing Director of ARAF, highlighted the critical need for affordable insurance solutions for farmers affected by climate change: “IBISA’s technology is crucial for developing low-cost insurance products that help farmers absorb climate shocks.”

A Growing Need for Climate Resilience

The increasing frequency and severity of extreme weather events pose significant risks to agricultural communities. By offering accessible parametric insurance, IBISA aims to provide a safety net that promotes stability and resilience in these vulnerable regions.