EHAB is the first weather risk management platform dedicated to protecting the construction industry and our infrastructure from the climate crisis. The risk of severe delay due to weather is rising sharply because of our changing climate and EHAB brings advanced analytics, smart contracts and is developing a parametric insurance product to solve this.
The company recently raised £950,000 from their existing investors Insurtech Gateway and LEFA Enterprises, alongside Portfolio Ventures. This brings total funding to date to £1.4m which includes an Innovate UK Grant, and a place on the latest HS2 accelerator.
The Insurtech Gateway led the round and remains an active supporter of EHAB as they work to build out the risk management software and parametric insurance elements of the business. Richard Chattock, the CEO of Insurtech Gateway and a member of the EHAB board says “The EHAB team have demonstrated a step change in quantifying and mitigating weather risk in construction. This fundraise is validation of the progress they have made and fuel to begin scaling the business. The construction industry urgently needs protection from the impact of climate change with almost half of all projects already delayed by weather. We are excited to continue working closely with the team as they help their clients manage the changing environment.”
These funds will help the team to grow as they develop the software into an enterprise ready platform. EHAB has just been selected to take part in the next HS2 accelerator, bringing this new software to the largest infrastructure project in Europe. This builds on the work EHAB already does with BAM Nuttall, National Grid and projects being undertaken for National Highways. This calibre of client has meant the software is robust and ready for use on hundreds of projects.
“There are clear gaps in how construction companies protect against weather risk at the moment. Our platform and insurance product aim to close those gaps enabling these companies to remain profitable, even as weather conditions worsen and become more extreme for all of us. Resilience should be a crucial issue for the industry, but it’s not getting the attention the severity of the situation means it should” – Josh Graham Founder of EHAB.
Will Brooks, Founder of Portfolio Ventures and new investor in the EHAB round says “When we first met Josh we were super impressed with his passion to build an end-to-end project lifecycle solution for a massive industry problem. EHAB’s platform is already being rolled out by huge industry players and we are delighted to have invested in their seed round.” The EHAB team operates at the intersection between climate tech, insurtech and construction tech. The team sees this as a really exciting place to be given the converging pressures piling onto the construction industry.”
Filipe Moura, CTO of EHAB explains why this opportunity is so interesting “As we are pulling more and more data from our projects we are seeing a pattern that shows the industry has not taken weather seriously in the past. The data also shows risk is rising rapidly. Without a platform like EHAB, these companies could see weather eating into their margins at an accelerating rate over the coming years.”
This investment will help the team develop their industry specific risk models and to leverage this data to provide critical insurance infrastructure to protect key infrastructure projects across the UK.