Oka Insurance Secures $10 Million In Latest Funding Round

Oka Insurance Secures $10 Million In Latest Funding Round - Carbon Herald

Carbon Insurance Company Oka has successfully completed a $10 million investment round, paving the way for its future expansion. 

Leading the investment are Aquiline Capital Partners LP and firstminute capital, who were also involved in Oka’s initial $7 million funding round, along with climate-focused investor Overview Capital. The round also garnered support from various individual investors, with a strong focus on climate technology and innovation in the carbon market.

This injection of capital follows a number of milestone achievements for Oka. 

In January 2024, the company rolled out Syndicate 1922, an insurance solution created to safeguard against risks associated with purchasing carbon credits, such as financial, reputational, regulatory, and climate risks. The product was introduced alongside its primary insurance package, Carbon ProtectTM. 

Developed with the backing of Lloyd’s, the solution was launched in reaction to the growing need for innovative risk management solutions in the voluntary carbon market (VCM).

Relevant: Oka Receives Lloyd’s In Principle Approval For A Carbon Credits Insurance Solution

Shortly after its release, Oka announced partnerships with leading carbon-credit platforms, including Cloverly, Oregon Biochar Solutions (OBS), and GECA Environnement (GECA).

To support the innovative solution, Oka has formed partnerships with three reinsurance companies. These partnerships will allow the company to strengthen its position in the market and provide greater security to its clients. 

Additionally, Oka has received a capital commitment from a subsidiary of Greenlight Capital Re, Ltd., a reputable reinsurance group listed on NASDAQ. This commitment further underscores the confidence that investors have in the company.

Read more: Oka And Oregon Biochar Solutions To Bring Insured Biochar Carbon Credits To The VCM

The recent funding will bolster Oka’s capital reserves and expansion efforts as it continues to operate Syndicate 1922. 

Sharing his thoughts on the occasion, Chris Slater, the CEO of Oka, expressed his gratitude for the support shown towards the company. 

He commented that the funding from their investors and capital partners has brought them closer to achieving their ambitious goal of insuring all carbon credits. With the added support from their early customers, they believe that insurance is essential for unlocking significant market growth.

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