Michael Joseph lends his expertise to Kenyan insurtech startup Pula, to lead its board

KENYA – Kenyan agriculture digital-insurance startup, Pula, has announced the appointment of Michael Joseph, the former Safaricom PLC Chairman and CEO, as the new Chairman of its Board effective September 19. Pula is an agricultural insurance and technology company that designs and delivers innovative agricultural insurance and digital products to smallholder farmers. “I am very pleased to welcome Michael Joseph…

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aYo Ghana CEO gets additional role to his title as the company taps into Uganda and Zambia’s market

AFRICA – African insurtech aYo Holdings, which is 100% owned by telecommunications giant MTN, has handed the chief executive of its Ghana operation an additional role within the aYo Group as it looks to drive rapid growth across the continent. The CEO of aYo Ghana, Francis Gota will now also oversee the group’s business development for Uganda and Zambia. In…

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Insurtech startup mTek secures US$3m investment from Finclusion Group

KENYA – mTek, an insurtech startup, has secured an additional US$3 million investment through both debt and equity from African-focused fintech platform, Finclusion Group. The startup had secured US$1.50 million (KSh170 million) investment from TrustGro- a non-deposit taking microfinance company to support the startup operations which primarily allows Kenyans access to paperless insurance products by partnering with local underwriters. The…

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Insurtech startup Nice Deer raises US$1m in pre seed round from DisrupTech Ventures

EGYPT – Nice Deer, an insurtech startup bringing innovative health insurance solutions to the Egyptian market, raised US$1 million in a pre-seed funding round led by DisrupTech Ventures. Established in early 2022 and currently operating in Egypt, Nice Deer aims to bridge the gap between healthcare providers, health insurance companies, and health insurance beneficiaries by facilitating insurance and repayment of…

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Insuretch startup ETAP closes US$1.5M pre-seed round to accelerate car insurance penetration in Africa

NIGERIA – Nigerian insurtech startup that makes it easy to buy and claim insurance, ETAP has secured US$1.5 million in pre-seed round to grow its team and drive the adoption of much-needed car insurance across Africa. The pre-seed funding round was led by Mobility 54 with participation from Tangerine Insurance, Graph Ventures (invested in Clubhouse), and Newmont. The new funding…

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FSD Africa and NAICOM launches BimaLab for affordable insurance in Nigeria

NIGERIA – FSD Africa, a specialist development agency, in collaboration with Nigeria’s National Insurance Commission (NAICOM)  have launched BimaLab, an accelerator programme created to boost the development and adoption of digital solutions for the insurance sector. BimaLab Nigeria aims to address gaps in the insurance market by educating, nurturing, and promoting innovators and Insurtech start-ups. The initiative will support the…

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Insurtech startup Lami Technologies acquires Bluewave Insurance Agency

KENYA – Lami Technologies, an insurtech startup, has acquired Bluewave Insurance Agency, another Kenyan-based insurtech startup for an undisclosed amount. Bluewave leverages mobile technology to reach the underserved population tapping into Africa’s insurance gap. Lami’s acquisition of Bluewave will help grow its presence across Africa by entering new markets where Bluewave is already operating with an expected business growth of…

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African fintech Moove secures US$10M funding to fuel west African expansion drive

WEST AFRICA – Mobility fintech Moove, Uber’s exclusive vehicle supply partner in Africa, has been granted US$10 million by NBK Capital Partners Mezzanine Fund II to support its expansion. Moove is the first investment in Africa by NBK Capital Partners funds, underscoring the opportunity to address the continent’s vehicle financing gap. The fintech founded in 2019, democratizes vehicle ownership by…

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Insurtech company Octamile secures US$500k pre-seed funding

NIGERIA – Octamile, an insurtech company enabling insurance and non-insurance businesses to protect African consumers from financial loss, has come out of stealth mode with US$500,000 in pre-seed funding. The round was led by EchoVC Partners, with participation from Fiat Ventures, Kesho VC, Trade X, Verraki Partners, Dale Mathias, Kyle Daley, and other local and international angels. “Insurance is one…

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Insurtech startup Root secures US$3m seed funding for its expansion plans

SOUTH AFRICA – Root, a South African insurtech API startup that helps businesses and developers launch insurance products more quickly than the traditional approach, has acquired US$3 million in seed funding to expand outside of South Africa and establish the infrastructure for the global digital insurance industry. The round included venture capital firms Invenfin, Base Capital, Savannah Fund, P1 Ventures,…

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