Turaco, which provides insurance policies to people across Africa, has reportedly closed a $2m seed funding round.
The investment was led by Novastar Ventures, with contributions also coming from Mercy Corps Ventures, Musha Ventures, GAN Ventures and Zephyr Acorn, according to a report from Disrupt Africa.
Proceeds from the round will be used to support Turaco’s growth in Kenya and Uganda, as well as support its launch into a third market next year. Funds will also enable the InsurTech to further the development of its technology and hire more staff.
The InsurTech offers insurance on a subscription model. This enables consumers to select automated medical policy renewals bundled with their existing payments, like bank loans or ride-hailing services.
Turaco previously raised $1.2m in its seed round in late 2019.
Earlier in the week, Nigeria-based Kuda Bank reportedly raised $10m in its seed round as it looks to increase financial inclusion across Africa.
Copyright © 2020 FinTech Global