Cape Town-based insurtech startup Inclusivity Solutions has raised $ 1.5 million first tranche of its Series A round to expand its digital insurance products into more emerging markets through partnerships with mobile operators, banks and other distribution partners and insurance companies in East and West Africa.
Richard Carter, director of Allan Gray Life, and independent consultant, William Frater, will join the company as non-executive directors.
In a statement Jeremy Leach, founder and CEO of Inclusivity Solutions said: “With this round we have the opportunity to expand our reach to new markets both in Africa and around the globe —ultimately offering valuable insurance protection to millions of emerging consumers.”
Inclusivity Solutions provides a complete solution, including strategy, product and process design, implementation support, and robust and agile technology platforms. Through its partnerships Inclusivity Solutions has to date provided cover to more than 530,000 people protecting themselves and their families through innovative products.
The firm has already successfully launched initiatives in Cote d’Ivoire, Rwanda and Kenya, in partnership with Orange, Tigo Airtel and Equitel respectively.
Lead investor Goodwell Investments is excited about the investment in Inclusivity Solutions through its new uMunthu fund. Wim van der Beek, managing partner Goodwell Investments said: ‘Our investment focus is inclusive growth, and we believe that collaborative insurtech solutions like Inclusivity Solutions are best positioned to reach large numbers of underserved consumers.’