Curacel, a startup in the insurance technology sector, has raised $3 million in initial money to launch innovative technological solutions that will fuel the next wave of insurance experiences in Africa.
The business said that its development into North Africa will also be supported by the additional cash.
Tencent, AAF Management (which invested in Sure and Flutterwave), Elefund (which invested in Robinhood, Pie Insurance, and Sure), Blue Point Capital Partners, Pioneer Fund, Olive Tree Capital, Y Combinator, as well as James Park, the CEO of Fitbit, Olugbenga ‘GB’ Agboola, Babs Ogundeyi, the CEO of Kuda, and other strategic investors, participated in the seed funding round.
As part of the financing, senior executives from Covergenius, Zopper, and Pie Insurance will also join Curacel’s advisory board.
How Curacel functions: The insurtech firm provides insurers with simple-to-use digital solutions that have been specifically developed to increase insurance inclusion in the continent, making it easier for them to sell their policies, simplify their claims processes, and drive revenue development.
The business claimed to have handled claims totaling more than $100 million while collaborating with more than 20 insurers and more than 5,000 service providers in eight different European nations.
Curacel had a 600% rise in transaction volume and a 500% increase in revenue in 2022. The new capital will allow the business to expand its services across North Africa, beginning in Egypt and Morocco, and further establish its footprint elsewhere on the continent.
Providing more Observations regarding the funding will allow the business to expand its services across North Africa and establish a stronger foothold in other regions of the continent.
Providing more Henry Mascot, CEO and co-founder of Curacel, commented on how the money will affect the company’s operations. He said: “We are bullish on the potential of the right technology in the right places to close the protection gap across Africa and emerging markets. As we obtain the funding to realize the vision and bring on board the individuals who have scaled these technologies in more developed countries, it is an exciting time for us. We look forward to delivering additional technological solutions to increase insurance inclusion.
Omar Darwazah, the Managing Director and General Partner at AAF Management, added: “With an insurance penetration rate of less than 3%, Africa has one of the lowest rates in the world, creating a huge market opportunity for Henry and the Curacel team to close the insurance gap. We are thrilled to join Curacel’s aim of developing simple-to-use technological solutions for insurers to distribute their products on the continent by taking part in the company’s Seed round.
• “Africa is still a relatively untouched market for insurance, and technology offers the best chance to attract new customers and provide top-notch services. We are really thrilled to be assisting Curacel on their journey because they have developed a range of solutions and an amazing track record of success. “Their goal is to use technology to increase insurance participation in Africa,” said Serik Kaldykulov, general partner at Elefund.
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