Nairobi headquartered insurance technology startup Lami Technologies has secured a US$ 3.7 Million seed extension to expand across Africa.
The company said the funding was led by early-stage venture firm Harlem Capital with participation from Newtown Partners; Peter Bruce-Clark, a partner at Social Impact Capital; Caribou Honig and Jay Weintraub of InsureTech Connect, and senior members from Exotix Advisory.
The round follows on last year’s US$ 1.8 Million.
Lami Use of Funds
Lami founder and CEO Jihan Abass says the additional funding will be used for business development, product and technology development, and expansion to other countries including Egypt, Nigeria, and Uganda.
Additionally, Lami said it had appointed its current CFO, Roy Perlot, as a co-founder. Perlot has been with the company since 2020.
Lami Technologies was founded in 2018 to address the problem of low insurance uptake in Africa by use of technology. The company offers insurance products through its API platform.