Oka, The Carbon Insurance Company (Oka)™ has announced that it has closed a $10-million investor raise that “sets the foundations for its next phase of growth.”
Lead investors included Aquiline Capital Partners LP and firstminute capital, which formerly spearheaded Oka’s $7-million seed round, and dedicated climate-solutions investor Overview Capital.
Moreover, the raise also reportedly attracted the support and attention of multiple angel investors with a vested interest in climate technology and carbon-market innovation.
According to Oka proceeds will be used to support the company’s risk-based capital requirements and operational growth, as it underwrites through its Lloyd’s syndicate-in-a-box (SIAB) Oka Syndicate 1922.
Oka has also partnered with three reinsurance providers and secured a capital commitment from a subsidiary of NASDAQ-listed reinsurance group Greenlight Capital Re, Ltd.
From what we understand, Greenlight Re will participate as a capacity provider for Oka’s first three years of operation.
If you recall, Syndicate 1922 was launched in January 2024 after being granted in principle approval in October.
The firm also recently launched its embedded insurance solution, Carbon Protect™, in order to meet burgeoning demand for innovative risk and quality solutions in the voluntary carbon market (VCM).
Oka also recently unveiled a series of market-first channel partners, including carbon-credit platforms Cloverly, Oregon Biochar Solutions (OBS) and GECA Environnement (GECA)
Oka CEO Chris Slater, commented: “In a difficult market for venture funding and the VCM alike, we’re delighted by the vote of confidence in Oka. The capital committed by our brilliant investors and capital partners puts us one step closer to realizing our ambitious vision of insuring every carbon credit. Coupled with our early customer traction, their invaluable support reinforces our thesis that insurance is the “missing piece” required to unlock transformational market scale.”
