One Concern raises $45M from SOMPO to scale its catastrophe resilience platform throughout Japan – TechCrunch

One Concern raises $45M from SOMPO to scale its disaster resilience platform across Japan – TechCrunch

Local weather change is intensifying throughout the globe, and one of the difficult instances is Japan. Along with mendacity on a serious fault, the archipelago is more and more inundated from rising sea ranges that make the nation extra liable to disasters. A decade in the past, the Tohoku earthquake and tsunami dealt billions of {dollars} in harm, and the restoration from that tragedy remains a major international relations flashpoint.

Know-how to handle disasters and resilience is a key area of venture capital investment these days, and now one other startup within the house is proving that there’s widespread curiosity on this rising market.

One Concern, which builds a platform to mannequin and simulate neighborhood resilience and response to earthquakes, floods and different pure disasters, introduced this morning that it has raised $45 million from SOMPO Holdings, the enterprise wing of Japan’s SOMPO, one of many nation’s largest insurers. The funding is a part of a complete $100 million, multi-year deal that can plug One Concern’s platform into the Japanese market.

Japan has been one thing of a gem in One Concern’s market growth the previous few years. The startup employed Hitoshi Akimoto as country manager for Japan in late 2019 earlier than formally announcing that it was increasing to Japan in February 2020. In August final yr, it announced a strategic partnership with SOMPO, and the insurer’s enterprise wing invested $15 million. As we speak’s deal expands that partnership additional.

In keeping with its press launch, One Concern will promote its platform to 6 or extra Japanese cities as a part of the tie-up.

Beforehand, One Concern had raised three rounds of capital according to Crunchbase and SEC filings: a seed spherical in October 2015, a $33 million Series A round led by NEA in 2017, and a $37 million round also co-led by NEA. The corporate was based in 2015.

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