AG Rhino Advisors invests in Nigeria's FastClaim
AG Rhino Advisors has made an equity investment in Nigeria-based FastClaim Solutions.
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AG Rhino Advisors, an investment firm with offices in New York and Lagos, has made an equity investment in Nigeria-based FastClaim Solutions. It has also acquired a call option to buy additional shares of FastClaim in subsequent capital raising rounds.
FastClaim is a technology company that provides artificial intelligence driven claims management and vehicle inspection applications for a wide variety of sectors, including insurance, security and banking, among others. Its AI algorithm reduces reliance on claims processors, reducing time and costs that are passed onto policy and contracts holders.
FastClaim is the first investment in the AI market by AG Rhino Advisors and adds to the firm’s investments in the technology sector.
Uche Alozie, managing partner at AG Rhino Advisors, stated: “AG Rhino is excited to partner and collaborate with management and investors in FastClaim. We are attracted to the cost saving proposition of FastClaim’s technology and its further application beyond the insurance industry. FastClaim compliments our insurance investment objectives and we look forward to contributing to the growth and success of FastClaim.”
Uche Okugo, founder and CEO of FastClaim, said: “The management team and shareholders of FastClaim are excited to partner with AG Rhino in our next phase of growth. We are excited to collaborate on launching new AI powered applications.”
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