Oka, The Carbon Insurance Company (Oka)™ Closes $10-Million in Funding

PR Newswire

PARK CITY, Utah, March 28, 2024 /PRNewswire/ -- Oka, The Carbon Insurance Company (Oka)™ has closed an $10-million investor raise that sets the foundations for its next phase of growth.

Its 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. The raise also attracted the support of multiple angel investors with a vested interest in climate technology and carbon-market innovation.

Proceeds will support Oka's risk-based capital requirements and operational growth, as it underwrites through its Lloyd's syndicate-in-a-box (SIAB) Oka Syndicate 1922. In the interest of 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.. Greenlight Re will participate as a capacity provider for Oka's first three years of operation.

The announcement comes on the heels of several commercial milestones for Oka.

Syndicate 1922 was launched in January 2024 — alongside its flagship embedded insurance solution, Carbon Protect™ — to meet burgeoning demand for innovative risk and quality solutions in the voluntary carbon market (VCM). Soon after, Oka unveiled a series of market-first channel partners, including carbon-credit platforms Cloverly, Oregon Biochar Solutions (OBS) and GECA Environnement (GECA).

Commenting on the raise, Oka CEO Chris Slater said: "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."

About Oka, The Carbon Insurance Company™

Oka is a global INSURTECH100 and ESGFINTECH100 company.

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Media Contact

Chris Slater[email protected]

LEGAL DISCLAIMER

Carbon Protect™ is an insurance policy available to certain eligible owners of carbon credits in jurisdictions where Carbon Insurance Agency, LLC is licensed as a surplus lines insurance producer. Eligibility is determined based on applicable underwriting criteria, and coverage is always subject to the terms and conditions of an applicable policy. Carbon Insurance Agency, LLC has authority to enter into contracts of insurance on behalf of the Lloyd's underwriting members of Oka syndicate 1922 which is affiliated with Carbon Insurance Agency, LLC and managed by Asta Managing Agency, a managing agent at Lloyd's.