Nigeria’s Curacel closes $3mn seed round, eyes North Africa

Insurance infrastructure provider Curacel has raised USD 3mn for its seed round to roll out new technology solutions and expand into North Africa, namely Egypt and Morocco.  

Backing the round are Tencent, AAF Management, Elefund, Blue Point Capital Partners, Pioneer Fund, Olive Tree Capital and Y Combinator.

Africa remains a relatively untapped market when it comes to insurance and technology presents the best opportunity to reach new users and deliver excellent services. Curacel has built a suite of solutions and an impressive track record of success that makes us very excited to be supporting them on their mission to use technology to drive up insurance inclusion in Africa.” 

SERIK KALDYKULOV, GENERAL PARTNER AT ELEFUND

With African internet penetration at 3%, the insurtech startup is providing the necessary infrastructure for insurance companies such as AXA Mansard, Liberty Health and Old Mutual to distribute their claims. So far it has processed more than USD 100mn worth of claims.

Angel investors James Park (CEO Fitbit), Olugbenga Agboola (CEO Flutterwave) Babs Ogundeyi (CEO Kuda) and executives also participated in the round.