The Smart Africa Alliance’s BLOC Smart Africa fund (BLOC SA), managed by Bamboo Capital Partners, has announced plans to invest €300,000 in Digitech, a SaaS insurance technology start-up based in Côte d’Ivoire. The Seed round, which is led by BLOC SA, is being catalyzed by Launch Africa Ventures. BLOC SA’s initial investment is in Digitech.
“We are ecstatic to announce BLOC SMART AFRICA as the main investor in this round. Their assistance extends beyond cash and includes strategic counseling and business development.”Mr. Alexandre N’Djore, CEO of Digitech, said.
“We are pleased to watch the digital transformation of a century-old sector as we gear up to create a new digital ecosystem for the whole reinsurance and insurance industry in Africa.”
Hyperion 2.0, a cloud-based reinsurance ERP solution that optimizes operations between insurers and reinsurers, will be designed and commercialized with the funds.
“We are ecstatic to be able to influence and boost the growth of such a dynamic start-up as Digitech, which will benefit the continental insurance and reinsurance market.The BLOC Smart Africa fund’s DNA is to invest in firms that use sustainable technology-led solutions. Côte d’Ivoire is the initial benefit, as one of the first investors.”Mr. Lacina Koné, CEO/Director General, Smart Africa Secretariat, stated.
“We believe their pledge will inspire and motivate other countries to join the fund so that we can quickly accomplish the aim of €100 million.”
The Ivory Coast’s government is a founding sponsor of the Bloc Smart Africa fund, which aims to boost Africa’s entrepreneurial ecosystem and stimulate support for innovative, scalable technologies that may help the continent grow.
Smart Africa will help BLOC SA with its fundraising efforts and work closely with the fund’s management team by offering access to its local and regional technology platforms, such as incubators and accelerators, as well as assisting with deal flow development.
Digitech was founded in 2016 and focuses on the development, integration, and marketing of professional alternatives and value-added consumer services utilizing rapidly evolving information and communication technology.
For incumbent reinsurance and insurance businesses, Digitech provides seamless integration with cloud-based Insurtech platforms.
Digitech’s technologies are extremely scalable and adaptable to the needs of each enterprise. Thanks to secure web access and data repositories that comply with the most stringent global cloud standards, including GDPR and PCI-DSS, reinsurance and insurance companies can already optimize over 80% of all processes, from paid subscription to smart billing process and charging to specialized real-time accounting and visual statistics.
With this funding, Hyperion 2.0 will cover all reinsurance contract types for Digitech clients using unique machine-learning algorithms, as well as automate 100% of the processes, resulting in immediate operational efficiencies for clients.