Kenya’s micro-insurtech startup, Turaco, has raised $1.2 million for expansion into new markets and cement position in existing markets.
In addition, Turaco will use the funds to pursue partnerships with businesses, mobile lending organisations, and fintech companies.
Furthermore, the micro-insurer intends to scale operations across Africa with operations already in Kenya and Uganda serving over 30,000 users.
Turaco focuses on the underserved and unserved communities to provide affordable medical cover. In this case, the insurer offers medical cover for monthly premiums as low as $2 (Ksh200).
Funders in this series include GAN Ventures, Mercy Corps Ventures, and Musha Ventures. The firm says it will seek additional capital in 2020 to cater for anticipated rapid growth.
Sub-Saharan Africa has opportunities for affordable insurance as 90 per cent of the population remains uninsured with low earnings.