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Mitiga Raises €8M Series A to Drive European Expansion Amid New Climate Risk Regulations

Courtesy: Mitiga
Courtesy: Mitiga

Madrid-based data analytics startup Mitiga has secured €8 million in a Series A funding round led by Elaia. The capital infusion will be used to facilitate Mitiga’s expansion across Europe, coinciding with new regulations that mandate the disclosure of climate risk for companies throughout the European Union.


Mitiga’s SaaS platform empowers companies to analyze, report, and act on their exposure to climate risk. This platform, EarthScan, is powered by Mitiga's advanced climate science and data modeling. It provides insights across three climate scenarios and multiple time horizons, offering clients in manufacturing, retail, hospitality, real estate, and infrastructure investment a customized view of their exposure to extreme weather events.


The funding round also saw participation from Kibo Ventures, CREAS Impacto, and other investors. These backers recognize the growing need for companies across the EU to understand their individual exposure to climate-related events, particularly regarding the physical assets they own, operate, or invest in.


Mitiga’s technology applications include making more informed location planning decisions, conducting accurate due diligence cycles on large portfolios, and providing EU-aligned self-serve reporting capabilities. EarthScan is also accessible to companies worldwide via App Source, thanks to Mitiga’s partnership with Microsoft.


Alejandro Marti, Ph.D., Mitiga Solutions’ Co-Founder and CEO, emphasized the urgency of climate risk reporting. “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. We are excited to partner with Elaia to provide the latest in climate science and data modeling 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, highlighted the importance of investing in solutions to address climate risks. “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, a spin-off from the National Supercomputing Center in Barcelona, that manages to fuel AI into recent datasets and rapidly evolving climate patterns.”


Mitiga has already established a strong presence in Europe and has ambitions to expand into larger geographies. The company’s innovative approach to climate risk analytics and its ability to provide actionable insights make it a critical partner for businesses seeking to navigate the complexities of climate risk in an increasingly regulated environment.

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