Agri-insurance firm IBISA raises seed funding from Ankur Capital
- ByStartupStory | August 16, 2022
IBISA, an insurtech startup focussed on providing weather-based insurance to small landholding farmers in India, has raised an undisclosed seed fund from Ankur Capital. IBISA, a company founded in Luxembourg, aims to provide cutting-edge weather protection insurance solutions to Agri value chain participants.ing
Ritu Verma, Partner at Ankur Capital, “The agriculture insurance industry’s expansion in poor nations has been constrained for decades by the lack of data. For emerging markets where smallholder farming is the norm, legacy crop insurance requires time-consuming manual operations, and parametric insurance has historically been unfeasible owing to a lack of comprehensive climate-related facts.”
Maria Mateo Iborra, CEO & co-founder, IBISA, said, “Farming is a crucial component of our economic and sociological infrastructure. The devastating effects of the Ukrainian conflict on food prices and food security highlight the significance of international agriculture. However, there is no support. We aimed to develop technologies with IBISA that would assist in lowering costs for the active players in the insurance market.”
She further stated, “Figuring out a method to affordably safeguard farmers from harsh weather by reducing operational and distribution expenses would make it accessible to many parties in the value chain. And the difficulty is not minor. But the consequences are already apparent. When Typhoon Odette hit the Philippines in December 2021, our insurance partner, CLIMBS, was able to make settlements within 10 days of the typhoon’s impact because of IBISA’s weather protection policy, which was in place.”
About IBISA
IBISA was established in 2019 and began conducting business in India in partnership with the DHAN Foundation to offer parametric insurance against drought in Tamil Nadu. Now, in order to provide protection against excessive rainfall, excessive wind speed, and Due to the drought, IBISA is expanding its operations in India with operations in Odisha, Karnataka, and Telangana. Additionally, they established a registered office in Bengaluru in February 2022.
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