ETAP raises $1.5mn pre-seed round led by Mobility 54

A Nigerian insurance startup ETAP has raised USD 1.5mn for its pre-seed round led by Mobility 54 with participation from Tangerine Insurance, Graph Ventures, Newmont and angel investors. The funds will be spent on the roll-out of its app and to grow its team.

The insurtech startup is tackling apathy towards car insurance in Nigeria despite regulation, which makes it compulsory—only one in five cars in the country are insured. This problem is partly caused by complexities surrounding initially buying insurance and making subsequent claims should the need arise. To solve this, the company is using machine learning to build risk profiles to determine the right premiums for drivers, who are able to buy insurance in 90 seconds, or less, and make claims in less than three minutes.

The company launched in beta in November 2021 by its CEO and founder Ibraheem Babalola.