Kenyan Insurtech Turaco Secures $10m Series A Backing to help drive insurance adoption

▤ Summary

The round also included participation from Enza Capital, Global Partnerships, Zephyr Acorn, Operator Stack, Asi Ventures Limited, and Push Ventures.Founded in 2019, Turaco is a distributor, broker, and key customer interface between the underwriter and the end consumer. 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. Turaco is building in a largely untapped sector, opening up an extremely large market and innovating for mass market consumers by providing a cutting-edge solution that will drive inclusive insurance.Targeted at underserved customers and low-income earners, Turaco embeds its service as a white-labeled offering that is bundled with a partners core product or service while integrating with their existing payment processes to collect premiums. 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.Patricia Rinke, Investment Officer at AfricInvest commented, In our interactions with Ted and his team, we could see a great vision and flawless execution coming together. 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.Yassine Oussaifi, Partner at AfricInvest and co-head of CAIF said, As the insurance penetration in Sub-Saharan Africa remains below 3%, one of the lowest rates globally, we believe Turaco has developed the tools and know-how to fill this gap and reach low-income earners with products adapted to their needs, thus being a critical part of the push to help shield the most disadvantaged from unforeseen financial burdens and shocks.

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$5M to $10M