Botswanan insurtech startup Alpha Direct has raised a US$600,000 pre-Series A bridge funding round led by Launch Africa Ventures, and also featured Century Oak Capital and some angels from previous rounds. The funding will be used for expansion into Zambia and South Africa, expansion within Botswana, and other general business purposes.
In May 2014, Alpha Direct was ‘brought to life’ by Arun P. Iyer an American Certified Public Accountant and Chartered Global Management Accountant. The company’s business model is to offer ‘value-for-money’ Business and Personal insurance products directly to Batswana and Botswana businesses with the underlying premise ‘’You could save 15% or more on your insurance’’.
The startup has been growing fast, making US$4.8 million in revenues in the last financial year, and is now planning international expansion after securing its latest investment. Having raised a total of US$2.5 million across four seed rounds between 2015 and 2019, it has now taken on a pre-Series A round, which Iyer said was in advance of a Series A round in a few months’ time.
Alpha Direct is all about giving its clients world-class service, creating and maintaining a motivating workplace for the people, contributing to society and delivering consistent returns for its shareholders.
