11:30:51 AM PDT - Friday, October 7th, 2022

Kenya’s insurtech Turaco maintains 1 billion user target as it raises $10M funding  

By Editor - Thu Sep 15, 2:02 am

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Insurance penetration in Africa is currently below 3% largely attributable to the slow adoption of innovation in the sector. Many underwriters rely on traditional systems involving agents and lots of paperwork to sign-up new customers, which limits customer reach, and hampers the uptake of their products. However, a change-point is in the offing as insurtechs like the Kenya-based insurtech Turaco introduce new technologies and products that are disrupting the market. Through its B2B2C model, Turaco has created an expansive distribution channel that is enabling it to tap into a large pool of potential customers in its markets, providing insurance to a group that has never consumed it before. Driven by a viable business model, the startup, which also has operations in Uganda and Nigeria, has entered its growth phase and is eyeing more partnerships in a bid to drive mass market insurance adoption in Africa. The startup’s planned growth comes against the backdrop of a $10 million Series A equity funding in a round led by AfricInvest, through its Cathay Africinvest Innovation Fund (CAIF) , and Novastar Ventures . Enza Capital, Global Partnerships, Zephyr Acorn, Operator Stack, Asi Ventures Limited, and Push Ventures, also participated in the round, which brings the total funding raised by Turaco to 13.3 million.

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Kenya’s insurtech Turaco maintains 1 billion user target as it raises $10M funding

  • Comments Off on Kenya’s insurtech Turaco maintains 1 billion user target as it raises $10M funding

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