Oka, The Carbon Insurance Company announced it has attracted over $7 million in seed funding. The round, led by early-stage investor Aquiline Technology Growth, will allow Oka to scale its CO2 credit insurance offerings in the U.S. The funding round also included climate tech-focused fund Firstminute.
The voluntary carbon market is expected to reach a value of $1 trillion by 2037, according to a report by BloombergNEF. Oka, The Carbon Insurance Company, is focused on providing insurance to replace invalid and destroyed credits, thus increasing security and trust in the voluntary carbon market. The company will use its seed funding to scale its offerings and support large U.S. corporations in addressing risks associated with carbon credits.
“We are honored to have the support of Aquiline in accelerating the growth of our company and achieving our vision for making insurance an integral part of the voluntary carbon credit market,” said Chris Slater, Founder and CEO of Oka, The Carbon Insurance Company. “With their help, we are confident that we will accelerate the growth of our company and achieve our mission of insuring the transition to net zero.”
Max Chee, Partner and Head of Aquiline Technology Growth, said that Oka’s insurance offerings create a compelling vision for maturing the CO2 credit market.
Carbon credits, or carbon offsets, are a mechanism to bring down greenhouse gas emissions that allow the owner to emit a certain amount of CO2 or CO2 equivalent. One carbon credit allows for the emission of one ton of CO2. The carbon credit system aims to create a monetary incentive for emitters to reduce their footprint.