Browsing: AfricInvest

Kenyan insurtech firm Turaco secures US$10M Series A round fundraise www.theexchange.africa

The startup, which now has a presence in Nigeria, and Uganda, has entered its expansion phase and is looking for new partnerships to push mass consumer insurance adoption in Africa.

The tech insurance platform has developed to become a dominant player at the forefront of new insurance solutions since its inception. Turaco products cost US$2 per month, with simple terms and conditions and a fully digital claims system that enables claimants to file through phone calls or WhatsApp, with payments made in less than three days using mobile money.

“In the next 25 years, we want to cover a billion people, and that’s what we’re working toward.” It’s a lofty aim in every aspect, and I’m not sure how to get there, but I have a clear vision of covering 100 million people.

To reach the next level of development, you must collaborate with some of the world’s most recognisable …

AfricInvest and Cathay Innovation Finalise Final Close of €110M Pan-African Venture Fund www.theexchange.africa

The Fund’s portfolio firms have also generated substantial impact at scale in recent years, reaching over 136 million Africans with inclusive and digital solutions.

For every dollar spent, more than one user on the continent benefits from the investment.

The Fund has been responsible for creating and maintaining approximately 1,400 direct employment with its current portfolio, and women make up an average of 35% of the workforce.

The Fund will support African entrepreneurs in their efforts to scale the breakthrough technologies they have developed across Africa and beyond. Additionally, the Fund will continue to support global entrepreneurs in their efforts to expand their businesses into Africa…

AfriInvest

AfricInvest, a leading pan-African private equity firm, has announced the fourth close of Financial Inclusion Vehicle (FIVE), an evergreen platform for investing in financial institutions in Africa.Through its investments, FIVE aims to improve access to financial services for the growing African population, while achieving attractive financial returns for its investors.

AfDB, the African Development Bank, joined the capital of FIVE alongside existing investors FMO and BIO both development finance institutions of the Netherlands and Belgium, respectively; Norfund, the Norwegian investment fund for developing countries; IFU, the Danish investment fund for developing countries; KfW, the German government-owned development bank and CBK Pension Fund, the pension fund of the Central Bank of Kenya.

As the current level of banking penetration on the continent is a mere 20%, achieving universal access will require a fivefold increase. Digital transformation is one of the key drivers toward the universal access and as such, FIVE seeks …