NIGERIA – Curacel, a leading insurance infrastructure provider, has raised US$3 million in seed funding to roll out new technology solutions designed to power the next generation of insurance experiences in Africa.

The new funding will also support the company’s expansion into North Africa and deepen its presence in other parts of the continent.

The seed funding round included investment from Tencent, AAF Management, Elefund, Blue Point Capital Partners,  Pioneer Fund, Olive Tree Capital and Y Combinator, as well as James Park of Fitbit, Olugbenga “GB” Agboola of Flutterwave, Babs Ogundeyi of Kuda and other strategic investors.

Top executives from Covergenius, Zopper and Pie Insurance will also join Curacel’s advisory board as part of the round.

“We are bullish on the potential of the right technology in the right places to close the protection gap across Africa and emerging markets,” Henry Mascot, chief executive and co-founder of Curacel, said.

“It is an exciting time for us as we secure the capital to deliver the vision and onboard the people who have built these technologies at scale in more mature markets, and we are looking forward to delivering more technology solutions to drive up insurance inclusion.”

Curacel makes it easier for insurers to distribute their products, automate their claims processes, and drive revenue growth by giving them easy-to-use technology solutions that have been specifically designed to drive up insurance inclusion on the continent.

The company’s AI-powered infrastructure means claims can be submitted and processed in real time, helping insurers to reduce their claims cycle by more than 70 percent and process up to 10x more claims.

Curacel has processed more than US$100 million worth of claims, working with more than 20 insurers and more than 5 000 service providers in 8 countries across the continent.

In 2022, it grew its transaction volume by 600% and increased its revenue by 500%. Starting with Egypt and Morocco, the new funding will enable the company to roll out its services in North Africa and deepen its presence in other parts of the continent.

“Africa remains a relatively untapped market when it comes to insurance and technology presents the best opportunity to reach new users and deliver excellent services,” Serik Kaldykulov, general partner at Elefund, added.

“Curacel has built a suite of solutions and an impressive track record of success that makes us very excited to be supporting them on their mission to use technology to drive up insurance inclusion in Africa.”

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