Reask, an Australian company specialising in weather risk modelling for the insurance sector, has completed a $4m (A$6.3m) financing round.
This round was led by the InsuResilience Investment Fund Private Equity II (IIF II), which is managed by BlueOrchard Finance.
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The investment is said to be a “significant step” in fulfilling Reask’s goal to offer actionable climate risk data at scale.
It aligns with the InsuResilience Private Equity strategy, which aims to use technology for better access to affordable climate insurance tools.
BlueOrchard senior investment director Ernesto Costa said: “Reask’s innovative and defensible data products have the potential to transform the climate insurance landscape. Their work is directly aligned with our strategy to build a more resilient world through accessible and affordable climate insurance solutions. We look forward to working closely with Reask’s leadership to help accelerate their impact.”
Reask’s technology enables a diverse client base including insurance companies, asset managers and government entities to manage their exposure to catastrophic risks.
The company aims to address the impact of climate change, enabling clients to price insurance premiums, evaluate climate risks and create parametric insurance products.
It focuses on offering “event-driven data” on tropical cyclones. Going forward, Reask looks to cover additional perils.
Reask CEO Jamie Rodney stated: “We are excited to partner with BlueOrchard, a leading impact investor with deep expertise in the insurance sector. Their support will empower us to accelerate our growth, further refine our product offerings and enhance the financial resilience of populations that need it the most. BlueOrchard’s investment aligns perfectly with our vision to make extreme weather risks manageable, accessible to all, and actionable anywhere, anytime.”
In 2023, Reask garnered $4.6m in seed funding, taking the total amount raised to $6.55m.
