Inclusivity Solutions, the company that designs, builds and operates digital insurance solutions in South Africa, has completed a US$ 1.5 million first tranche of its Series A round.
Goodwell Investments led the investment round with participation from Allan Gray, RGAx and angel investors. The investment will help Inclusivity Solutions expand its digital insurance products into more emerging markets through partnerships with mobile operators, banks and other distribution partners and with local insurance companies.
It also allows Inclusivity Solutions to accelerate the growth of its product offering with existing partners in East and West Africa. The company will welcome Richard Carter, director Allan Gray Life, and independent consultant, William Frater, as non-executive directors.
Inclusivity Solutions is uniquely placed as a leading Africa-based technical service provider for digital insurance solutions. Inclusivity Solutions has already successfully launched initiatives in Cote d’Ivoire, Rwanda and Kenya, in partnership with Orange, Tigo Airtel and Equitel respectively. Inclusivity Solutions provides a complete solution, including strategy, product and process design, implementation support, and robust and agile technology platforms.
Through its partnerships, Inclusivity Solutions has to date provided cover to more than 530,000 people protecting themselves and their families through innovative products.
Commenting on the investment Jeremy Leach, founder and CEO of Inclusivity Solutions, notes: “We are thrilled to have Goodwell Investments and Allan Gray joining our existing investor RGAX. We look forward to working with them and benefitting from their experience in supporting fast-growing companies in financial inclusion and FinTech and their networks in the sector. And we are very pleased with the continued support from RGAx, who have been backing us from our early days. With this round, we have the opportunity to expand our reach to new markets both in Africa and around the globe —ultimately offering valuable insurance protection to millions of emerging consumers.”
Lead investor Goodwell Investments is excited about the investment in Inclusivity Solutions through its new uMunthu fund. Wim van der Beek, managing partner Goodwell Investments: “Our investment focus is inclusive growth, and we believe that collaborative insurtech solutions like Inclusivity Solutions are best positioned to reach large numbers of underserved consumers.”
“The team at Inclusivity Solutions is very talented and experienced, they have their feet on the ground and they have already achieved significant traction. Their model bridges the insurance protection gap for underserved through products that are designed to be simple, affordable and accessible, even on the most basic mobile phone. A perfect fit with our mandate, and we look forward to supporting Inclusivity Solutions in its next stage of growth”
“Allan Gray is excited to support Umkhathi Wethu’s investment in Inclusivity Solutions as a demonstration of their shared commitment to driving impactful entrepreneurship and expanding access to insurance for emerging consumers. Inclusivity Solutions has built a unique digital platform that allows insurance providers and mobile providers to bring affordable microinsurance solutions efficiently across the continent to end users. And they have forged partnerships with leading mobile and financial services brands across the continent,” Richard Carter, director, Allan Gray Life.