Weather-focused IBISA raises seed round to back its microinsurance solutions for low-income small farmers.
Agricultural microinsurance startup IBISA announced that it has raised a seed round of €1.5 million — approximately $1.70 million. The round was led by London-based specialized investor Insurtech Gateway, with participation from Rockstart’s AgriFood fund and others.
Microinsurance typically refers to offering coverage to low-income people against a specific class of risks. In IBISA’s case, these are small farmers whose livelihoods might be affected by adverse climate events, which are unfortunately on the rise.
While based in Luxembourg, the startup is focused on emerging markets, with a partnership-based approach. “We work with mutuals, insurers, microfinance institutions, research institutions, farmers and breeders associations and governments,” its site explains.