one concern Raises $45M to Expand Disaster Resilience in Japan

Japan's Increasing Vulnerability and Disaster Resilience Investment

Globally, the effects of climate change are becoming more pronounced, and Japan faces particularly significant challenges. Situated on a major seismic fault line, the nation is also experiencing increasing threats from rising sea levels. This combination heightens the country’s susceptibility to natural disasters.

The devastating Tohoku earthquake and tsunami of a decade ago resulted in billions of dollars in damage. Recovery efforts from this event continue to be a critical focus in international affairs.

Growing Venture Capital in Disaster Tech

Currently, substantial venture capital is being directed towards technologies designed to mitigate disasters and enhance resilience. This demonstrates a growing market interest in solutions for these challenges.

One Concern, a company specializing in modeling and simulating community resilience, has recently secured significant funding. Their platform focuses on predicting and preparing for earthquakes, floods, and other natural disasters.

$45 Million Investment from SOMPO Holdings

This morning, One Concern announced a $45 million investment from SOMPO Holdings, the parent company of SOMPO, a leading Japanese insurance provider. This investment forms part of a larger, multi-year agreement totaling $100 million.

The deal will integrate One Concern’s platform directly into the Japanese market, expanding its reach and impact.

Strategic Expansion into Japan

Japan has proven to be a key market for One Concern’s development in recent years. Hitoshi Akimoto was appointed as country manager for Japan in late 2019.

The company formally announced its expansion into Japan in February 2020. A strategic partnership with SOMPO was established in August of last year, with the insurer’s holding company initially investing $15 million. Today’s announcement represents a further deepening of this collaboration.

Platform Deployment to Japanese Cities

As stated in their press release, One Concern is set to deploy its platform to at least six Japanese cities as a direct result of this partnership.

Previous Funding Rounds

Prior to this latest investment, One Concern had successfully completed three rounds of funding, as documented by Crunchbase and SEC filings. These included a seed round in October 2015, a $33 million Series A round led by NEA in 2017, and a $37 million round co-led by NEA. The company was founded in 2015.

Note: This article was updated on June 3, 2021, to clarify that SOMPO Holdings is the parent company of SOMPO, rather than its venture capital arm.