Turaco, the leading insurtech driving mass market insurance adoption, has announced the close of a $10 million Series A equity round led by AfricInvest, via the Cathay Africinvest
Innovation Fund, and existing investor, Novastar Ventures.
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. The company’s B2B and B2B2C business model involves forming partnerships with tech-enabled companies with a large pool of customers or staff in emerging markets.
Targeted at underserved customers and low-income earners, Turaco embeds its service as a white-labeled offering that is bundled with a partner’s core product or service while integrating with their existing payment processes to collect premiums. With a robust API integration which allows for easy collaboration with its external partners, Turaco enables companies to integrate insurance into their products and services efficiently and at no additional risk or cost.
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. 90% of our customers have never had insurance before, but the surprising thing is that people really want to buy insurance! They just don’t have easy access to products that really work for them. This investment enables us to scale our business to serve millions of insurance customers across our current markets and beyond. We are thrilled to have these great new investors join our team for this next season of growth.”