Browsing: AfricInvest

Kenyan insurtech firm Turaco secures US$10M Series A round fundraise

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 businesses.

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