Curacel, Africa’s leading insurance infrastructure provider, has received a massive boost after raising $3 million in seed funding. The new funding will enable the company to roll out new technology solutions designed to power the next generation of insurance experiences in Africa, as well as support its expansion into North Africa.
Supporting the Insurance Industry Across the Continent
The combination of a fast growing population, a rising middle class and increasing access to financial services across the continent means more Africans have the opportunity to experience a wider range of products and services. However, with insurance penetration across the continent still under 3 percent, many Africans are having to manage these risks and experiences entirely by themselves.
Curacel makes it easier for insurers to distribute their products, automate their claims processes, and drive revenue growth by giving them easy-to-use technology solutions. With Grow, Curacel’s embedded insurance product, more than 100 banks, fintechs, logistics companies and other tech-enabled companies are empowered to provide digital insurance products embedded into their existing products and services.
Leading insurers like AXA Mansard, Liberty Health, Old Mutual and Jubilee Heath also leverage Curacel’s market leading technology to improve the efficiency and accuracy of their claims processes. The company’s AI-powered infrastructure means claims can be submitted and processed in real time, helping insurers to reduce their claims cycle by more than 70 percent and process up to 10x more claims.
Funding Round Includes Leading Tech Investors
The seed funding round included Tencent, AAF Management (invested in Sure, Flutterwave), Elefund (invested in Robinhood, Pie Insurance and Sure), Blue Point Capital Partners, Pioneer Fund, Olive Tree Capital and Y Combinator, as well as James Park (CEO of Fitbit), Olugbenga ‘GB’ Agboola (CEO of Flutterwave), Babs Ogundeyi (CEO of Kuda) and other strategic investors. Top executives from Covergenius, Zopper and Pie Insurance will also join Curacel’s advisory board as part of the round.
Looking to the Future
Starting with Egypt and Morocco, the new funding will enable the company to roll out its services in North Africa and deepen its presence in other parts of the continent. According to Henry Mascot, CEO and co-founder of Curacel, “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.”
Curacel’s $3 million seed funding is a major milestone that will help the company power new insurance experiences and expand even further into Africa. With this new funding and its suite of easy-to-use technology solutions, Curacel is set to revolutionize the insurance industry on the continent.
