Luxembourg Insurtech Ibisa Network has opened a subsidiary in Bangalore, India, and will spend 2023 working on accelerating sales.
The startup, which was founded in 2019, aims to help uninsurable or smallholder farmers access agricultural insurance using earth observation data.
“Opening a subsidiary in India was a big undertaking and we recently hired a head of region,” founder and CEO Maria Mateo Iborra told Silicon Luxembourg.
Ibisa Network is currently working in the Philippines, India, Senegal, Guatemala and recently a colleague relocated to Ghana to pave the way for a West Africa launch.
“In 2022, we had our first contract with the World Food Program, and we will continue to work with them this year and start in Central America,” the CEO said.
The firm, which raised €1.5m in seed funding in December 2021, employs 14 people.