Turaco Secures $10m Series A Round Fundraise

Turaco, the leading insurtech driving mass market insurance adoption, has announced the close of a $10 million Series A equity round led by AfricInvest, via the Cathay Africinvest Innovation Fund, and existing investor, Novastar Ventures.
The round also included participation from Enza Capital, Global Partnerships, Zephyr Acorn, Operator Stack, Asi Ventures Limited, and Push Ventures.
In Africa, 90 per cent of people have no formal safety net to catch them if they get sick or are in an accident. Insurance is still very much in its infancy.
Most African insurance underwriters and intermediaries use rigid systems that do not allow for integration with external partners, with many still using paper-based processes. Turaco is building in a largely untapped sector, opening up an extremely large market and innovating for mass market consumers by providing a cutting-edge solution that will drive inclusive insurance.
Targeted at underserved customers and low-income earners, Turaco embeds its service as a white-labeled offering that is bundled with a partner’s core product or service while integrating with their existing payment processes to collect premiums.
With a robust API integration which allows for easy collaboration with its external partners, Turaco enables companies to integrate insurance into their products and services efficiently and at no additional risk or cost.
Commenting on the raise, Turaco CEO and co-founder Ted Pantone said: “we are proud to help drive insurance adoption, especially among low-income earners. 90 per cent of our customers have never had insurance before, but the surprising thing is that people really want to buy insurance!
“They just don’t have easy access to products that really work for them. This investment enables us to scale our business to serve millions of insurance customers across our current markets and beyond. We are thrilled to have these great new investors join our team for this next season of growth.”
Investment Officer at AfricInvest, Patricia Rinke, commented, “in our interactions with Ted and his team, we could see a great vision and flawless execution coming together. The company’s innovative distribution model responds to the unmet demand in the African insurance sector, and we look forward to working with Turaco as they continue to build on their early success.”
Investment Director at Novastar Ventures, Olúwatóyìn Emmanuel-Olubake, added, “Turaco has grown over 300 per cent since Novastar’s initial investment in 2020. We are excited to continue partnering with the exceptional team at Turaco and welcome new investors including AfricInvest, Global Partnerships and Enza Capital to this journey. This capital will help the company to further grow its world class team, develop new products, accelerate partnerships and access new markets in service of its goal to mitigate the impact of daily shocks for millions of vulnerable people across Africa.”