Ivorian Insurtech startup Digitech secures US$328k seed funding for expansion

IVORY COAST – Ivorian insurtech startup Digitech has secured US$328,000 seed funding round to expand its portfolio.

The seed funding round was led by BLOC Smart Africa fund (BLOC SA), managed by Bamboo Capital Partners and created by the Smart Africa Alliance.

The funds will go toward the design and commercialization of Hyperion 2.0, a cloud-based reinsurance ERP solution that optimizes operations between insurers and reinsurers.

Hyperion generates significant time and cost savings, reduces errors, and delivers critical business information in real-time

We are ecstatic to announce BLOC SMART AFRICA as the main investor in this round. Their assistance extends beyond cash and includes strategic counseling and business development,” said Mr. Alexandre N’Djore, CEO of Digitech.

 “We are pleased to watch the digital transformation of a century-old sector as we gear up to create a new digital ecosystem for the whole reinsurance and insurance industry in Africa.”

Digitech was founded in 2016 and specializes in the development, integration, and marketing of professional alternatives and value-added consumer services using developing information and communication technologies.

The startup provides seamless integration and cloud-based InsurTech systems to incumbent reinsurance and insurance companies.

The platform’s technologies are highly scalable and flexible to each company’s specific needs.

Through the platform, reinsurance and insurance companies can optimize over 80% of all processes, from a paid subscription to smart billing processes and charging to specialized real-time accounting and visual statistics.

All this has been made possible thanks to secure web access and data repositories that comply with the most stringent global cloud standards, including GDPR and PCI-DSS.

This funding will see Hyperion 2.0 cover all reinsurance contract types for Digitech clients via the application of unique machine-learning algorithms, and will also automate 100 percent of the processes, leading to instant operational efficiencies for clients.

The Government of the Ivory Coast is a founding sponsor of the Bloc Smart Africa fund, which aims to strengthen Africa’s entrepreneurial ecosystem and catalyze support for unique, scalable technologies that provide growth opportunities.

Smart Africa will support BLOC SA’s fundraiser and collaborate closely with the fund’s management team by providing access to its local and regional technology platforms, such as incubators and accelerators, as well as helping with deal flow development.

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