Turaco, an insurtech that is fostering mass market insurance acceptance, has announced the completion of a $10 million Series A equity investment led by AfricInvest through the Cathay Africinvest Innovation Fund and current investor Novastar Ventures.
Enza Capital, Global Partnerships, Zephyr Acorn, Operator Stack, Asi Ventures Limited, and Push Ventures also participated in the round.
Turaco, a distributor, broker, and crucial customer contact between the underwriter and the final customer, was founded in 2019.
The goal of the insurtech business is to liberate people from their fear of financial shocks brought on by unforeseen health concerns.
By partnering with leading tech-enabled businesses in emerging economies that have a sizable customer base or workforce, including some of the continent’s most reputable names like Sun King, One Acre Fund, Tugende, M-KOPA, and VisionFund, Turaco is able to accomplish this.
Over half a million people in Nigeria, Kenya, and Uganda have already been covered by the custom medical, life, asset, and car insurance packages that the insurtech has built and provided through its active partnerships.
Ted Pantone, co-founder, and chief executive officer of Turaco, said, “We are happy to assist boost insurance uptake, especially among low-income individuals. 90% of our clients have never purchased insurance, but what’s shocking is that they actually want to do so! Simply put, they can’t easily acquire things that genuinely benefit them. With the help of this funding, we can grow our company to serve millions of insurance clients in both our present markets and new ones. We are excited to welcome these fantastic new investors to our team as we enter the next phase of expansion”.
With the most recent round of funding, Turaco is well-positioned to take on this untapped market and intensify its expansion ambitions through strategic alliances.