Nigerian startup, Curacel, raises $3m in seed funding
Curacel, a Nigeria-based platform that aims to drive insurance penetration in emerging markets via APIs enabling insurers to connect with digital distribution channels and administer their claims, has raised $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.
The seed funding round included Tencent, AAF Management (invested in Sure, Flutterwave), Elefund (invested in Robinhood, Pie Insurance and Sure), Blue Point Capital Partners, Pioneer Fund, Olive Tree Capital and Y Combinator, as well as other strategic investors including CEO of Fitbit, James Park, CEO of Flutterwave, Olugbenga Agboola and CEO of Kuda, Babs Ogundeyi. It has been said that top executives from Covergenius, Zopper and Pie Insurance will also join Curacel’s advisory board as part of the round.
Serik Kaldykulov, the general partner at Elefund, commented, “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. 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.”
Replying to the question on how the funding will affect the operations of the company, Curacel’s CEO and co-founder, Henry Mascot, said:
“We are bullish on the potential of the right technology in the right places to close the protection gap across Africa and emerging markets. 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 is an insurance infrastructure company that helps insurers and partners in Africa and other emerging markets increase the reach and functionality of insurance through cloud-based tools and APIs. Curacel currently works with 20 insurance companies and more than 5,000 service providers in 8 African markets.
The insurtech startup 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. In 2022, Curacel grew its transaction volume by 600% and increased its revenue by 500%.