Anthemis and IA Capital Group Participate in Round; Nephila Capital and Munich Re to Provide Risk Capacity
The Demex Group, a technology company that has pioneered a new paradigm to customize and deliver climate-resilience through financial risk solutions on a global scale, announced it has raised $4.2 million in Seed funding from leading financial services investors Anthemis and IA Capital Group.
Operating at the intersection of banking and insurance, The Demex Group brings together decades of experience across technology, finance, risk management, capital markets, commodities, insurance, and climate science to develop cutting-edge technology and customized financial solutions that mitigate unique weather risks and seize climate-linked business opportunities.
The funds will be used to build out the Demex team and to support go-to-market for municipalities and enterprise customers, which include Fortune 500 property managers with highly volatile year-to-year snow-removal expenses.
The Global Risks 2020 report produced by the World Economic Forum analyzes dozens of significant risks, including weapons of mass destruction, geopolitical instability, economic crashes, and others. For the first time, “extreme weather events,” “natural disasters,” and “failure of climate change mitigation and adaptation” are in the top five global risks for both impact and likelihood of occurrence within the next ten years.
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Extreme weather leads to dramatic fluctuations in revenue, commodity prices, and other operating costs. Yet existing risk management approaches were designed for a different era. They are ill-equipped today to provide reliable climate-linked financial security. The Demex platform for climate resiliency is a robust end-to-end ecosystem which shields customers from the financial surprises of volatile weather empowering them to grow their businesses.
Anthemis’ Ruth Foxe Blader said “Corporates, large and small, need balance sheet protection against non-catastrophic climate risks. Demex is, by far, the most sophisticated solution to this problem existing in the market, in terms of calibrating and transferring climate risk. They will transform how the insurance industry thinks about weather resilience.”
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