Nigeria: Ventures Platform leads funding for insurtech company
MyCover.ai, an insurtech startup building digital insurance infrastructure in Africa, has announced the close of a $1.25 million pre-seed funding round, led by Ventures Platform. The round included participation from Founders Factory Africa and TechStars, which is making a follow-on investment after the startup’s participation in its 2022 Toronto Accelerator programme.
Founded in 2021, MyCover.ai is focused on addressing the pain points that exist in the African insurance market, such as the lack of access, inadequate coverage, the unaffordability of insurance products and the poor customer experience surrounding insurance processes.
By operating across three essential touchpoints, the company addresses these problems: underwriting and product development, distribution, and insurance claims, where the claims processes are streamlined for insurance companies and the end-users. The company provides an open insurance API that integrates with insurance companies – such as Hygeia, Leadway, Sovereign Trust, AIICO Insurance and Allianz – to offer over 30 personalised insurance products, allowing other businesses and innovators to embed these insurance products into their platforms.
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