USA – Curacel, a Lagos, Nigeria-based insurance infrastructure company, raised $3M in Seed funding.
The round was led by Tencent, AAF Management, Elefund, Blue Point Capital Partners, Pioneer Fund, Olive Tree Capital, Y Combinator, James Park, Olugbenga ‘GB’ Agboola, and Babs Ogundeyi. Executives from Covergenius, Zopper and Pie Insurance will also join Curacel’s advisory board as part of the round.The company intends to use the funds to roll out its technology solutions in North Africa and deepen its presence in other parts of the continent.Led by CEO Henry Mascot, Curacel enables insurers and partners in Africa and other emerging markets to increase the reach and functionality of insurance through cloud-based tools and APIs. It makes it easier for insurers to distribute their products, automate their claims processes, and drive revenue growth by giving them technology solutions that have been specifically designed to drive up insurance inclusion on the continent. More than 100 banks, fintechs, logistics companies and other tech-enabled companies, including ALAT (Nigeria’s first digital bank), Providus, PalmPay, Float, and others, use Grow, Curacel’s embedded insurance product, to increase their recurring revenues by offering digital insurance products. Insurers like AXA Mansard, Liberty Health, Old Mutual and Jubilee Heath also leverage Curacel’s technology to improve the efficiency and accuracy of their claims processes. 14/02/2023
