Oka, a pioneering force in the carbon credit insurance market, has recently heralded the successful closure of a substantial $10m funding round.
The investment was spearheaded by Aquiline Capital Partners and firstminute capital, alongside other strategic partners, according to a report from InsurTech Insights. This financial infusion is earmarked to enhance Oka’s risk-based capital requirements and facilitate its operational expansion, particularly through its innovative Lloyd’s syndicate-in-a-box, Oka Syndicate 1922.
Oka, The Carbon Insurance Company, is revolutionizing the voluntary carbon market (VCM) by mitigating risks for both sellers and buyers of carbon credits. Introducing an innovative carbon credit insurance solution, Oka ensures financial compensation for buyers against unforeseeable risks such as invalidation and reversal that may occur after the issuance of the credits.
With Oka’s protection, each credit acquired is a guarantee of one metric ton of carbon effectively removed from the atmosphere. Our mission is to maintain accounting integrity within the often volatile and unregulated VCM, thereby fostering confidence and encouraging financial inflow into climate-positive investments.
Reflecting on the successful funding round, Oka CEO Chris Slater shared his enthusiasm: “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.”
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