South Africa-based Inclusivity Solutions has secured $1.3m in the second tranche of its Series A round, bringing the total funding to $2.6m.
The uMunthu fund, which is managed by Goodwell Investments, led the investment, with additionally contributions coming from UW Ventures and MFS Africa.
Inclusivity Solutions is an InsurTech platform which designs, builds and operates digital insurance.
The InsurTech has also launched digital insurance services in Cote d’Ivoire, Rwanda and Kenya, in partnership with Orange, Airtel and Equity Bank’s Equitel respectively.
Capital from the round will be used to deepen the company’s footprint within existing markets, increase its international expansion and increase the development of its technology platform.
Inclusivity Solutions founder and CEO Jeremy Leach said, “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.
“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.”
Inclusivity Solutions partners with banks, insurance companies, mobile operators and other distribution companies to provide insurance to help emerging consumers.
UW Ventures director Harry Apostoleris said, “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.
“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.”
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