Carbon insurer Kita secures £350k pre-seed from Insurtech Gateway
Carbon insurer Kita raised what the company called "a heavily oversubscribed" £350k pre-seed round led by Insurtech Gateway to fuel growth for what the firm calls its key role in financing carbon removal.
"This pre-seed round will accelerate Kita’s product build and hiring to launch its essential carbon insurance products," management said.
Gateway led a group of investors including Carbon13, Climate VC and Echelon Capital.
Kita says it can help deliver carbon removal solutions by insuring ‘carbon delivery risk’ for carbon units sold on the voluntary carbon market. That should help carbon removal attain scale more quickly.
Kita founder and CEO Natalia Dorfman (pictured) 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. 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."
Insurtech Gateway co-founder Stephen Brittain said: “Kita has found a very interesting role for insurance to play in accelerating the growth of carbon removal markets, and we believe the Kita team are the best people for the job. We are excited to help them get their product into market.”
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