Kenyan insurance technology startup, Turaco has secured $10 million in funding Series A equity round.
This seed round was led by investment and financial services company, AfricInvest via the Cathay Africinvest Innovation Fund, and existing investor, Novastar Ventures.
Other participating investors were Operator Stack, Global Partnerships, Enza Capital, Zephyr Acorn, Asi Ventures Limited, and Push Ventures.
Through its B2B2C model, Turaco has created an expansive distribution channel that has enabled it to tap into a large pool of potential customers in its markets, including in Uganda and Nigeria.
With this new funding, the startup is set to move into its next phase, with an eye on more partnerships so as to drive mass adoption for insurance in Africa.
Speaking on this fundraising, Turaco co-founder and CEO Ted Pantone said; “We want to insure a billion people in the next 25 years and that’s what we’re building towards.
“It’s an audacious goal in every way and I can’t even really describe how to get there, but I have a clear vision of insuring 100 million people. Getting to that next stage of growth means working with some of the largest brands in the world.
“We have the right mix of talent, ambition, technology, and vision to get us there. But it’s a long road ahead of us for sure”.
Founded in 2019, Turaco explained that its mission is to free people from the fear of financial shocks by offering them comprehensive insurance coverage.
Through its API integration, Turaco’s partners like PayGo companies M-KOPA, ride-hailing platforms SafeBoda, fintechs and micro-finance institutions were able to integrate insurance products into their core offerings.
The insurtech works closely with each partner, to “design and distribute its insurance products as a white-labeled offering.” The customers buy life, asset, medical, and vehicle insurance from as low as $0.2.