Carbon insurtech Kita raises £350k in pre-seed funding
Insurance firm Kita has raised £350k in a round of pre-seed funding led by Insurtech Gateway.
The round, which also included investors Carbon13, Climate VC, and Echelon Capital, was said by the firm in a statement to have been ‘oversubscribed’.
It also said that the funding will be used to build and launch its carbon insurance products.
Natalia Dorfman, co-founder and CEO of Kita, said: “The world is in a climate crisis, and carbon removal is an essential part of the solution. However, carbon removal is new, faces unique risks, and lack of insurance to address these risks is holding back development at the rate the world needs.”
She added: “Kita believes insurance is a crucial enabler – by removing risk and increasing trust in the market, insurance will help drive capital to help quality carbon removal projects scale. We are passionate about bringing these dedicated carbon insurance products to market and we are thrilled to be working with Insurtech Gateway to do it at speed.”
According to its website, Kita aims to be the world’s first carbon insurer by de-risking carbon removal solutions.
It says that many carbon removal solutions rely on revenue, but these lack tailored insurance products for their key risks, particularly under-delivery on pre-paid contracts.