Fortune has shone twice on Kenya-based micro-insurance tech startup, Turaco, who just announced a successful seed capital raise of $2 million.
Turaco as an insurance tech company focuses on transforming healthcare through the revolutionizing of insurance.
Through its initially received support from GAN Ventures and Mercy Corps, the insure-tech company strongly believes that micro insurance is the best way to expand insurance coverage to the masses.
This particular seed round was led by Novastar Ventures, and other notable participants like Musha Ventures, GAN Ventures, Zephyr Acorn, and Mercy Corps Ventures, alongside some preexisting angel investors.
Turaco currently bases in Kenya and Uganda, 24 months ago it bagged a seed capital round of $1.2 million to further scale its operations.
In 2018, it received $40,000 in grant funding from Villgro Kenya upon launch to free customers from the fear of unexpected financial shocks that come with health calamities.
The company intends to channel this recent fund acquired into scaling its operations and building its current progress.
It offers life and health insurance products on a partnership basis, and their offering runs on a subscription model that allows customers to choose automatic medical policy renewals
Thus far, Turaco boasts of insurance coverage for over 70,000 people in Kenya and Uganda and closed over 2000 payments within a record payment schedule of 3 working days tops, offering customer-focused medical cover for monthly premiums as low as $2.
The business’ continued rapid growth that propelled it to acquire this additional capital had its foundations already in place since 2018 upon kickoff
Featured Image: Turaco Team
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