Some funding news from the USA, where sectors like carbon offsetting and trading credits are growing fast. Developed economies have embraced the Net Zero agenda, which means regulators will be scoring companies based on theoretical impact on the atmosphere and future local weather conditions. Like it or not, that means fines and penalties, or lost government agency contracts if your company does not comply.
Here’s the word;
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).
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