PriyaPatel
TLDR:
- Luxembourg insurance technology startup Oko has completed the Morgan Stanley Inclusive Ventures Lab programme.
- Oko provides automated insurance for climate risks, specifically targeting smallholder farmers in emerging countries.
Luxembourg insurtech startup Oko has successfully graduated from the Morgan Stanley Inclusive Ventures Lab programme. Oko, co-founded by Luxembourger Simon Schwall, was part of the EMEA winter 2023 cohort and completed the accelerator support scheme in London. To celebrate this achievement, Oko and other company founders were showcased on the massive Nasdaq billboard in Times Square. Oko provides automated insurance for climate risks, such as droughts and floods, and has already insured over 27,000 farmers and paid $300,000 in claims. The startup focuses on supporting smallholder farmers in emerging countries who lack access to traditional financial institutions. Oko is now concentrating on forming partnerships with banks and microfinance institutions to facilitate access to agricultural loans. The startup was previously incubated at the Luxembourg House of Financial Technology and currently has 19 employees, with offices in Israel and Mali.
The Morgan Stanley Inclusive Ventures Lab programme has supported 92 companies so far, providing each startup with $250,000 in funding in exchange for a 5% equity stake. The Nasdaq billboard in Times Square, where Oko was featured, has a surface area of approximately 1,930 square meters and is 7 stories tall.
