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.
By providing them with simple-to-use digital solutions that have been specifically created to increase insurance inclusion on the continent, the insurtech business helps insurers distribute their policies, manage their claims processes, and drive revenue development.
According to the business, it has handled claims totaling more than $100 million, working with more than 20 insurers and more than 5,000 service providers in 8 different nations throughout the continent.
2022 saw 600% growth in transaction volume and 500% growth in revenue for Curacel. With the new capital, the business will be able to expand its services throughout North Africa, beginning with Egypt and Morocco, and establish a stronger footprint elsewhere on the continent.
Commenting on the funding’s potential effects on the functioning of the company, Curacel’s CEO and co-founder, Henry Mascot, 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. It is an exciting time for us as we secure the capital to deliver the vision and onboard the people who have built these technologies at scale in more mature markets, and we are looking forward to delivering more technology solutions to drive up insurance inclusion.”
The Managing Director and General Partner at AAF Management, Omar Darwazah, also said: “At less than 3%, the insurance penetration rate in Africa is one of the lowest in the world, presenting an incredible market opportunity for Henry and the team at Curacel to bridge that insurance gap. We are excited to participate in the company’s Seed round and join Curacel’s mission of building easy-to-use technology solutions for insurers to distribute their products on the continent.”
The General Partner at Elefund, Serik Kaldykulov, added; “Africa remains a relatively untapped market when it comes to insurance and technology presents the best opportunity to reach new users and deliver excellent services.
“Curacel has built a suite of solutions and an impressive track record of success that makes us very excited to be supporting them on their mission to use technology to drive up insurance inclusion in Africa.”