Novastar Ventures leads East African insurtech company's $2m fundraising round
Micro-insurtech startup Turaco has announced the close of a $2 million fundraising round to further grow the business and scale its operations in sub-Saharan Africa. The round was led by Novastar Ventures, with participation from Mercy Corps Ventures, Musha Ventures, GAN Ventures, Zephyr Acorn, alongside some angel investors who were already invested in Turaco. The funding comes a year after the company’s last raise of $1.2 million in seed capital.
Turaco co-founder and CEO, Ted Pantone says, ”We are thrilled to partner with Novastar Ventures and all of our other great investors to help build Turaco to the next stage of growth. Our vision is to insure a billion people in the next 25 years. Investors like these will help propel us to that reality.”
The company launched in 2018 to free people from the fear of unexpected financial shocks caused by health risks. It provides simple and affordable health and life insurance products to emerging market consumers for as little as $2 on flexible monthly payment plans.
This latest investment will be used to drive growth in Turaco’s current locations (Kenya and Uganda) and facilitate the business’ expansion into a third market next year. The financial support will also facilitate development of the next stage of Turaco’s proprietary technology and recruitment of key hires to position the business for continued growth in 2021.
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