Curacel Raises $3 Million to Power Next-Gen Insurance Experiences in Africa
Africa’s leading insurance infrastructure provider Curacel has raised $3 million in seed funding to roll out new technology solutions designed to power the next generation of insurance experiences in Africa. The seed funding round included Tencent, AAF Management, Elefund, Blue Point Capital Partners, Pioneer Fund, Olive Tree Capital, and Y Combinator, as well as James Park (CEO of Fitbit), Olugbenga ‘GB’ Agboola (CEO of Flutterwave), Babs Ogundeyi (CEO of Kuda) and other strategic investors. As part of the round, top executives from Covergenius, Zopper and Pie Insurance will be joining Curacel's advisory board.
The new funding will enable the company to roll out its services in North Africa and deepen its presence in other parts of the continent. Curacel has managed the processing of over $100 million in claims, collaborating with over 20 insurers and 5,000 service providers located in 8 countries across the continent. By 2022, Curacel experienced a 600% increase in transaction volume and a 500% rise in revenue.
Curacel provides insurers with cutting-edge technology solutions that are tailored to increase insurance inclusion in Africa. These solutions make it easier for insurers to distribute their products, automate claims processes, and generate revenue growth. With Grow, Curacel’s embedded insurance product, more than 100 banks, fintechs, logistics companies and other tech-enabled companies are empowered to increase their recurring revenues by offering digital insurance products that are seamlessly embedded into their existing products and services, driving much-needed insurance penetration and customer loyalty.
Henry Mascot, CEO and co-founder of Curacel, has a positive outlook on utilizing the proper technology to bridge the insurance gap in Africa and developing countries. Now that they have obtained the resources to make this vision a reality, they are eager to bring in the individuals who have already implemented these technologies in more developed markets. The team at Curacel is enthusiastic to provide more technological solutions to raise insurance participation.
Insurance companies such as AXA Mansard, Liberty Health, Old Mutual and Jubilee Heath use Curacel's cutting-edge technology to make their claims processes more effective and precise.
0. “Curacel Raises $3M in Seed Funding” FinSMEs, 14 Feb. 2023, https://www.finsmes.com/2023/02/curacel-raises-3m-in-seed-funding.html
1. “Nigerian insurtech startup, Curacel, raises $3 million in seed funding” Nairametrics, 14 Feb. 2023, https://nairametrics.com/2023/02/14/nigerias-insurtech-startup-curacel-raises-3-million-in-seed-funding/