Insurtech startup Pineapple raises US$5.4m Series A funding round

SOUTH AFRICA – Insurtech startup Pineapple has raised ZAR80 million (US$5.4 million) in Series A funding as it looks to expand further into the car insurance space off the back of growing by 200 percent in the last six months. Launched in 2018 and an alumnus of the Google Launchpad Africa accelerator, Pineapple allows users to get quotes and insurance on items with just the snap of a picture. The startup raised funding around the time of its launch and in 2019 banked US$1.5 million after winning the US-based VentureClash competition, and it has…

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BimaLab Innovation Accelerator opens applications to support Kenyan InsurTech startups

KENYA – BimaLab, an initiative of FSD Africa, the Insurance Regulatory Authority of Kenya, and Tellistic Technology Services has opened applications for its second cohort into its KES 5.3 million (approximately US$50,000) InsurTech accelerator program. The BimaLab  2 accelerator program is open to 12 innovators who will benefit from a ten-week program that will provide them with expertise, resources, and support to develop and scale market-ready solutions following BimaLab I, a  successful pilot ran in collaboration with the Insurance Regulatory Authority of Kenya (IRA Kenya), the UK-Kenya Tech Hub, the UK…

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Insurtech Lami Technologies raises US$1.8m to bolster API insurance adoption across Africa

KENYA – Insuretech company Lami Technologies has raised US$1.8 million to spur the growth of its digital insurance product to traditional insurance companies in Kenya. Lami offers its API to insurance companies who then can tailor their products to their customers using the digital platform. “Through its API, users can get a quotation for motor, medical, or other tailored insurance products in seconds, then customise the benefits and adjust the premium to suit their needs, get their policy documents instantly, and claims are paid in record time,” the company said.…

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Insurtech start-up OKO raises US$1.2m to bring innovative products to smallholder farmers in Africa

UGANDA – Insurtech start-up OKO, a provider of inclusive agricultural insurance to secure farmers’ income across Africa, has closed a seed investment of US$1.2 million led by Newfund and ResiliAnce. Mercy Corps Venture, Techstars, ImpactAssets and RaSa also participated in the round. The start-up which currently operates in Uganda and Mali uses satellite data and mobile payments to create automated insurance products for farmers whose fields are affected adversely by weather occurrences primarily droughts and floods. With the new funding, OKO aims to strengthen its presence in Mali and Uganda…

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Insurtech startup Curacel raises pre-seed funding for product development

NIGERIA – Curacel, the Lagos-based insurtech startup, has raised US$450 000 in a pre-seed funding round led by Atlantica Ventures and Consonance with participation from Kepple Ventures and other African angel investors to be used towards product development. According to Curacel, the funding will also be utilized towards the expansion of the startup’s footprint across Africa and to further its aim of becoming the continent’s premier provider of embedded finance technology for insurance. “We are excited to have these investors on board and we are looking forward to partnering with…

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