South African InsurTech startup Inclusivity Solutions, has secured an additional US$ 1.3 million in the second tranche of its Series A round.
Following on from their first tranche investment, the uMunthu fund, managed by Goodwell Investments, led the round with follow-on investment from UW Ventures (in partnership with Allan Gray). MFS Africa, a leading Pan-African fintech company, joined the round as a new investor. This brings the total Series A round to US$2.6 million.
Founded 2015 by Jeremy Leach, Inclusivity Solutions has already successfully launched digital insurance initiatives in Cote d’Ivoire, Rwanda and Kenya, in partnership with Orange, Airtel and Equity Bank’s Equitel respectively.
Collectively a range of hospital cash and simple life products have provided protection to more than 700,000 people. The investment will be used to deepen the company’s footprint within its existing markets, support further international expansion as well as accelerate innovation in the backbone technology platform, ASPin, which underpins the three existing products.
Founder and CEO, Jeremy Leach commented: “As the humanitarian and economic disaster that is COVID-19 unfolds, we are reassured that there could not be a more important time for insurance solutions such as ours to play a role in protecting the vulnerable. This investment provides the endorsement and support that we need as an organization to continue our work in designing and scaling products that address the risks that really matter and can play a real role in adding value to consumers, as well as offering a digital-ready solution to insurers during operationally challenging times.”
Wim van der Beek, managing partner Goodwell Investments: “We are excited to lead this second tranche and make this additional investment from our uMunthu fund, especially in these challenging times. 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.”
“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. It is a perfect fit with our mandate, and we look forward to continuing to support Inclusivity Solutions in its next stage of growth.” He added.
Dare Okoudjou, founder and CEO of MFS Africa commented, “I’ve known the Inclusivity team for many years, and as players in the fintech space ourselves, we have had the opportunity to collaborate with them on a few exciting opportunities. We share a passion for impact through technology, and a drive to innovate and implement. We at MFS Africa are very proud to be part of their next stage of growth.” Okoudjou added, “The investment was made through MFS Africa Frontiers, a vehicle dedicated to exploring Frontier opportunities in the greater fintech ecosystem. Through MFS Africa Frontiers, we invest in select ventures with whom we feel we can go further – and faster – together.”