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.
Alpha Direct is an approved insurance company in terms of the Insurance Industry Act (CAP 46:02). The work culture at Alpha Direct is one best described as ‘’Work hard Play hard, every day’’. All Alphas are required to spend 20% of their time thinking about new ideas (‘’Me time’’) on what AlphaDirect as a company can do to better serve its clients. This results in powerful ideas that make your insurance costs cheaper, your service better, and your claims processing faster. AlphaDirect also has a giving culture as part of its DNA. All Alphas are required to spend 2 days of company paid time on philanthropic or social service causes each year.