Nigeria-based InsurTech company Curacel has reportedly collected $450,000 in a pre-seed round.
The round was led by Atlantica Ventures and Consonance, according to a report from Venture Burn. Other commitments to the round came from Kepple Ventures and African angel investors.
Capital from the round will be used to further the company’s expansion across Africa and bolster its position in the market. Funds will also be used to deepen its product development.
The InsurTech enables insurers to automate claims seamlessly and track fraud, waste and abuse. Its platform is used for claims within health, auto and travel insurance.
In addition to streamlining claims processes, the technology can be used to detect fraudulent claims.
Curacel co-founder and CEO Henry Mascot told Venture Burn, “We are excited to have these investors on board and we are looking forward to partnering with them to drive our vision of improving insurance inclusion across Africa. At Curacel, we are uniquely positioned to safeguard livelihoods and increase the quality of life through our unique, market-leading products and services.”
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