Kenyan insurtech firm Turaco secures $10M Series A round fundraise
Summary
Turaco is able to achieve this through a B2B and B2B2C business model, forming partnerships with top tech-enabled companies with a large pool of customers or staff in emerging markets, including some of the continents most trusted brands such as Sun King, One Acre Fund, Tugende, M-KOPA and VisionFund. Through its active partnerships, the insurtech has designed and delivered a suite of bespoke medical, life, asset, and vehicle insurance packages that have already covered over half a million lives across Nigeria, Kenya, and Uganda.In Africa, 90% of people have no formal safety net to catch them if they get sick or are in an accident. Turaco products are priced at ~$2/month, with straightforward terms & conditions and a fully digitized claims process that allows claimants to file via WhatsApp or phone call, paying out in less than three days via mobile money.Commenting on the raise, Turaco CEO and co-founder Ted Pantone said, "We are proud to help drive insurance adoption, especially among low-income earners. The companys innovative distribution model responds to the unmet demand in the African insurance sector, and we look forward to working with Turaco as they continue to build on their early success.There are over 500 million mobile subscribers in Africa, most of whom are uninsured. The latest round of funding places Turaco in a strong position to address this untapped market, doubling down its expansion efforts through strategic partnerships.