(Detail of Mitiga Solutions screenshot. Source: Mitiga Solutions.)
Nationwide Ventures, the venture capital arm of U.S.-based insurance and financial services provider Nationwide (Columbus, Ohio), has made an investment in Mitiga Solutions, a Barcelona-based climate-tech company, as part of its Series A fundraise. Mitiga combines scientific models with technology toward better evaluating the impact of natural hazards, helping insurance, real estate, energy, and financial companies understand and address the risks and uncertainties of climate change. Nationwide’s portion of the funding comes from its $350M venture capital investment fund. Nationwide did not disclose the amount of funding.
“Severe weather events are a part of everyday life and impact everyone, no matter where they live or what time of year it is,” comments Klaus Diem, Chief Risk Officer, Nationwide. “That’s why Nationwide has made a concerted effort to raise awareness about the importance of building fortification. We’re hopeful that Mitiga’s technology and extended experience will give the insurance industry a better understanding of when and where bad weather will strike so we can be better prepared to withstand it.”
A Nationwide statement describes Mitiga Solutions as taking into consideration various dynamic factors, such as weather and geophysical conditions, to better evaluate the impact of natural hazards as a result of climate change. By adopting this approach, the company’s solutions more precisely analyze risks across time, which helps insurance companies, real estate, and financial institutions better understand and address risks and uncertainties.
Pushing the Boundaries of How Risks Are Managed and Mitigated
“We’re on a mission to prevent natural hazards from becoming disasters and push the boundaries of how risks are managed and mitigated,” says Alejandro Martí, CEO and Co-Founder, Mitiga Solutions. “Most importantly, we want to make the world a more resilient and safer place under a changing climate. We’re thankful for Nationwide’s support in helping us accomplish our goals.”
Mitiga will use the Series A funding to enable it to provide clients with the necessary tools to assess, measure and report climate hazard associated risks, while scaling the use of its physics-based models to help prevent natural hazards from becoming disasters, according to the Nationwide statement.