Renew Risk

High-Level Overview

Renew Risk is a fintech SaaS company providing science-based risk analytics software for renewable energy assets, particularly offshore wind farms. It serves insurers, bankers, developers, and asset managers by offering tools for risk assessment, financial planning, pricing, and capacity planning to future-proof projects against natural catastrophes like storms and earthquakes[1][2][3][4]. The platform addresses gaps in traditional risk modeling, which relies on outdated historical data amid climate change and slimmer project margins, enabling better insurance coverage and financing to accelerate the global energy transition[2][4][5]. With a team of over 20 experts in catastrophe modeling, data science, and engineering, Renew Risk has shown rapid growth since its 2021 founding, backed by investors like Insurtech Gateway (£1.7m seed) and Molten Ventures, positioning it for high-margin SaaS scalability[2][3][5].

Origin Story

Renew Risk was founded in 2021 by four experts passionate about risk analytics for the energy transition: Ashima Gupta (CEO, co-founder), Dr. Joshua Macabuag (Chief Product Officer, co-founder), Professor Subhamoy Bhattacharya (Chief Scientific Officer, co-founder, geomechanics expert from University of Surrey with PhD from Cambridge), and Gaurav Chawla (Executive Chair, co-founder, ex-banker and fintech entrepreneur from IHS Markit)[2][5]. The idea emerged from recognizing the need for specialized models for renewable assets, as traditional insurance tools failed to capture modern risks like those to offshore wind farms; early focus was on catastrophe risk modeling for site selection, portfolio management, and premiums[2][4][5]. Pivotal moments include incubation by Insurtech Gateway, which led a £1.7m seed round with One Planet Capital, and participation in Lloyd's Lab accelerator, building rapid traction with global clients in insurance and finance[5][6].

Core Differentiators

Renew Risk stands out in the renewables risk management space through these key strengths:

• Science-first modeling tailored to renewables: Solely focused on offshore wind and similar assets, using cutting-edge data science for natural catastrophe risks (e.g., storms, earthquakes), credit risk, and financial planning—unlike generic tools reliant on historical claims data[1][2][4][5].
• Comprehensive product suite: Includes catastrophe models for loss frequency/severity, credit risk models for cash flows, and interactive financial planning tools, enabling end-to-end decisions from site selection to reserves[3][4].
• Expert team and partnerships: Combines academic rigor (e.g., University of Surrey research) with industry networks via accelerators like Lloyd's Lab and Insurtech Gateway, delivering high accuracy for insurers and financiers[2][5][6].
• High-growth SaaS model: Strong pipeline, gross margins, and cross-industry use (developers, insurers, financiers) drive scalability, unlocking liquidity for energy projects[3].

Role in the Broader Tech Landscape

Renew Risk rides the explosive growth of renewable energy infrastructure, fueled by government commitments to net-zero (e.g., offshore wind expansion) and the energy transition's $10T+ investment needs by 2050. Timing is ideal amid rising natural catastrophe risks from climate change, urbanization, and complex assets like floating wind farms, where insurers demand precise modeling to provide capacity—traditional methods fall short, creating a market gap Renew Risk fills[2][3][4][5]. It influences the ecosystem by de-risking financing (e.g., attracting institutional investors via better insurance), accelerating project pipelines, and supporting insurtech innovation through specialized SaaS, as evidenced by backers like Molten Ventures and Lloyd's[3][5][6].

Quick Take & Future Outlook

Renew Risk is poised for explosive scaling as offshore wind capacity triples globally by 2030, with its high-margin models expanding to new renewables like solar and hydrogen amid intensifying climate risks. Trends like AI-enhanced modeling and regulatory pushes for resilience will amplify demand, potentially evolving it into a full-stack platform for energy asset management. As a bridge between fintech, insurtech, and cleantech, its influence will grow by enabling trillions in investable renewables, directly securing the energy transition it set out to accelerate[2][3][4].