June 5, 2024

Mitiga annouces a €8m Series A extension round led by Paris-based Elaia

Mitiga is proud to annouce a new investment from Elaia with participation of existing investors Kibo Ventures, CREAS Impacto and Faber alongside other strategic partners. This new investment completes Mitiga’s May 2023 Series A, with a view of accelerating EarthScan's growth in Europe as new regulation mandates the disclosure of climate risk for companies across the EU.

Elaia is a European top-tier VC firm with a strong tech DNA who backs tech disruptors from early stage to growth development. In the past years, they have backed companies like Criteo (listed on NASDAQ), Orchestra Networks (acquired by Tibco), Volterra (acquired by F5), Mirakl (valued $3.5B in Series E) and Shift Technology (valued $1B+ in Series D).

Climate change is putting trillions of euros of asset value at risk through flooding, extreme heat, wildfire and drought events that are becoming more recurrent and severe across the world. Companies throughout the EU urgently need to understand their individual exposure to these events, particularly on the physical assets they own, operate or invest in. Adding to this urgency is the growing regulatory pressure to disclose exposure to physical climate risk. It is now becoming a mandate across the EU and the UK for large companies and regulated players in financial sectors.

EarthScan is the SaaS platform that allows companies to analyse, report and act on their exposure to climate risk. Powered by Mitiga and built on the latest in climate science and data modelling, EarthScan provides insights across 3 climate scenarios and multiple time horizons. It is used by clients in manufacturing, retail, hospitality, real estate and infrastructure investment to gain customised insight into their exposure to extreme weather.

Applications of the technology include more informed location planning decisions, accurate due diligence cycles on large portfolios, and EU-aligned self-serve reporting capabilities. EarthScan is also available to companies worldwide on App Source, through Mitiga’s existing partnership with Microsoft.  

“Climate risk reporting is at a turning point: as climate-related losses continue to accumulate in the coming years, there will be more and more regulatory and stakeholder pressure for companies to disclose their exposure to climate risk.” said Alejandro Marti PhD, Mitiga Solutions’ Co-Founder and CEO. “We are excited to partner with Elaia to provide the latest in climate science and data modelling through an easy-to-use, on-demand platform like EarthScan. Now you don’t need to be a climate scientist to understand your exposure to climate change.’’  

Pauline Roux, Managing Partner at Elaia: “As the threat of climate change grows exponentially, at Elaia we are increasingly investing in cutting-edge solutions to help industry players avoid or be prepared to deal with climate risks. Mitiga offers a deep tech platform to insurers, asset managers and corporates to anticipate, score, price and build hedge products against climate risk. We are very enthusiastic about their technology, spin-off from the National Supercomputing Center in Barcelona, that manages to fuel AI into pretty recent datasets and rapidly evolving climate patterns. The company has already built a strong footprint in Europe with ambitions to broaden to larger geographies.”

Alongside Elaia, existing investors Kibo Ventures, CREAS Impacto and Faber confirmed their commitment to Mitiga by providing additional funding.

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