Goodwell Investments doubles down on African insurtech play
Goodwell Investments has announced the completion of an extension round with Inclusivity Solutions, an insurtech company that delivers embedded insurance solutions.
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Goodwell Investments has announced the completion of an extension round with Inclusivity Solutions, an insurtech company that delivers embedded insurance solutions.
Goodwell initially led Inclusivity Solutions’ Series A round in 2019. With the new extension round – totalling $1.5 million – Goodwell is reasserting its confidence in Inclusivity Solutions’ ability to transform access to insurance in emerging markets.
The investment will support Inclusivity Solutions’ expansion plans, including its ambition to operate in at least 12 African markets by the end of 2024. The company will also continue to invest in its no-code, open-API platform which enables distribution partners and insurers to offer a full range of insurance products in a matter of hours.
Inclusivity Solutions leverages technology and partnerships to make appropriate and affordable insurance accessible to consumers in emerging markets. By embedding simple insurance products into platforms and services that consumers already use, it offers distribution partners – such as mobile operators, banks and digital platforms – the opportunity to attract new customers, retain existing customers and drive new revenue streams.
“Around the world, including in several regions in Africa, access to safe and reliable savings, payments and loans for un(der)served groups is finally growing. Yet insurance remains the problem child. Inclusivity Solutions makes insurance easily available and reliable, and thanks to their technology, highly scalable. They are solving an urgent problem, helping people protect themselves from the unforeseen shocks that are often the root cause of poverty and inequality. That is why we invested. In addition, we are pleased to support an organisation with a woman at the helm. We don’t see enough funding going there yet,” commented Els Boerhof, managing partner of Goodwell Investments.
Inclusivity Solutions reaches these underserved audiences via a network of partnerships with companies such as Britam, FNB, Orange Money, Safaricom, Airtel Africa and Onafriq (previously MFS Africa).
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