AFRICA – Inclusivity Solutions, a company that designs, builds, operates and innovates digital insurance solutions, has secured an additional US$1.3m in its second tranche of its Series A round, bringing the total Series A round to US$2.6m.
Following on from their first tranche investment, the uMunthu fund, managed by Goodwell Investments, led the round with follow-on investment from UW Ventures (in partnership with Allan Gray).
MFS Africa, a Pan-African fintech company, joined the round as a new investor.
Wim van der Beek, Managing Partner, Goodwell Investments, said that they were excited to lead this second tranche and make this additional investment from their uMunthu fund, especially in these challenging times.
“Our investment focus is inclusive growth, and we believe that collaborative insurtech solutions like Inclusivity Solutions are best positioned to reach large numbers of underserved consumers. Their model bridges the insurance protection gap for underserved through products that are designed to be simple, affordable and accessible, even on the most basic mobile phone. It is a perfect fit with our mandate, and we look forward to continue to support Inclusivity Solutions in its next stage of growth,” he said.
Inclusivity Solutions has already successfully launched digital insurance initiatives in Cote d’Ivoire, Rwanda and Kenya, in partnership with Orange, Airtel and Equity Bank’s Equitel respectively.
Collectively a range of hospital cash and simple life products have provided protection to more than 700,000 people.
“We could not think of a more relevant time for this additional support to Inclusivity Solutions to further their mission of designing innovative and inclusive financial products while developing insurance markets to protect and serve vulnerable communities across the developing world,” Harry Apostoleris, Director, UW Ventures, added.
“We believe there is a huge opportunity to bring affordable health and life insurance to those communities that may be the most ill-equipped to deal with catastrophes such as COVID-19, and we are excited to partner with Jeremy Leach and his exceptional team to help achieve their ambitions.”
The investment will be used to deepen the company’s footprint within its existing markets, support further international expansion as well as accelerate innovation in the backbone technology platform, ASPin, which underpins the three existing products.
“As the humanitarian and economic disaster that is COVID-19 unfolds, we are reassured that there could not be a more important time for insurance solutions such as ours to play a role in protecting the vulnerable,” Jeremy Leach, Founder and CEO, said.
“This investment provides the endorsement and support that we need as an organization to continue our work in designing and scaling products that address the risks that really matter and can play a real role in adding value to consumers, as well as offering a digital-ready solution to insurers during operationally challenging times.”