Insuretech start-up WorldCover has raised $6m in Series A funding round led by MS&AD Ventures, the corporate venture arm of Mitsui Sumitomo Insurance Japan, for climate insurance.
Other investors who participated in the round include Y Combinator, Western Technology Investment (WTI), among others.
Leveraging satellite imagery, on-ground sensors, mobile phones and data analytics, WorldCover develops insurance products for peasants affected by weather events such as lack of rain.
At present, WorldCover has operations in Ghana, Uganda and Kenya. It intends to invest proceeds to offer coverage in additional emerging markets.
WorldCover CEO and co-founder Christopher Sheehan told Business Ghana: “WorldCover has uniquely combined technological advances and developed a solution that allows us to support smallholder farmers caught in conditions that are worsening due to climate change.
“With the rise of many insuretech startups around the world, we are excited about this successful round of Series A funding as it enables us to accelerate growth in existing markets while working towards expansion into new regions. This will allow us to fulfil our ultimate vision of making the world more resilient to climate change,” Sheehan told the publication.
Founded in 2015, WorldCover seeks to offer affordable insurance products to protect farmers against the devastating loss of income due to climatic conditions.