Claims Carbon, the first insurance focused climate tech startup, raises €1,1m seed round
The Stockholm based climate and insurtech startup helps insurers reach net-zero in their entire value chain.
The round was led by Vaens, a Helsinki based investment firm with roots in the Basware success story, now focused on impact investing. Financial services VC firm BiG Start Ventures from Lisbon and insurtech specialist Astorya.vc from Paris were other major participants, together with the Stockholm based real estate investment company Claesson & Anderzén. Among the business angels participating in the round were Fredrik Bergström, former CEO of the Swedish insurer Länsförsäkringar AB, and Patrik Backman, Founder of MariaDB and OpenOcean.
Claims Carbon was founded last year to help insurers reach net-zero in their entire value chain. The Claims Carbon software calculates the size of the climate challenge and opportunity in the ecosystem of an insurance company. Moreover, it helps in target setting and follow up of emission reductions and provides key data for net-zero insurance product development.
The take up in the market has been strong with client portfolios in eight European countries covered to date. There is no doubt that insurers are increasingly looking to make a real impact for a sustainable future.
The funds raised will enable an even stronger offering to existing clients as well as expansion to new products and geographies whilst growing the team. “Every invested Euro directly converts into reducing insurance related carbon emissions”, says Markko Waas, CEO and Co-Founder of Claims Carbon.
“The Founders have demonstrated that they are dead serious about making a real impact in the race to net-zero. Their ability to rapidly close enterprise software deals demonstrates that this market opportunity is exciting”, says Hannu Vaajoensuu from Vaens.
“While insurers are leading the fight against climate change with the 'net-zero initiative', Claims Carbon is among few SaaS solutions enabling the industry to track carbon emissions starting with the claims handling process. We are excited to back the founders' journey to scale across Europe after having already signed a handful of insurers in Northern Europe”, says Florian Graillot from Astorya.vc.
Claims Carbon together with the new investors form a truly international team based in Sweden, Finland, Norway, Poland, Belgium, Switzerland, France and Portugal. This reflects on the climate challenge being a global one, in which the global insurance industry can play an immensely important role.
Image: CEO and co-founder Markko Waas (on the right) and CPO and co-founder Niklas Rosenberg. Credit: Norrsken House
