The BLOC Smart Africa fund (BLOC SA), managed by Bamboo Capital Partners and created by the Smart Africa Alliance, has struck a deal to invest €300,000 in Digitech, a SaaS insurance technology start-up located in Côte d’Ivoire. Launch Africa Ventures is catalyzing the Seed round, which is led by BLOC SA. Digitech is BLOC SA’s first investment.
“We are ecstatic to announce BLOC SMART AFRICA as the main investor in this round. Their assistance extends beyond cash and includes strategic counseling and business development.
Mr. Alexandre N’Djore, CEO of Digitech, said, “We are pleased to watch the digital transformation of a century-old sector as we gear up to create a new digital ecosystem for the whole reinsurance and insurance industry in Africa.”
The funds will go toward the design and commercialization of Hyperion 2.0, a cloud-based reinsurance ERP solution that optimizes operations between insurers and reinsurers.
Hundreds of insurance companies use Hyperion to process over 40 million transactions per year across 14 countries, saving time and money, eliminating errors, and providing critical business intelligence in real time.
“We are ecstatic to be able to influence and boost the growth of such a dynamic start-up as Digitech, which will benefit the continental insurance and reinsurance market.
The BLOC Smart Africa fund’s DNA is to invest in firms that use sustainable technology-led solutions. Côte d’Ivoire is the initial benefit, as one of the first investors.”
Mr. Lacina Koné, CEO/Director General, Smart Africa Secretariat, stated, “We believe their pledge will inspire and motivate other countries to join the fund so that we can quickly accomplish the aim of €100 million.”
The Government of the Ivory Coast is a founding sponsor of the Bloc Smart Africa fund, which aims to strengthen Africa’s entrepreneurial ecosystem and catalyze support for unique, scalable technologies that provide growth opportunities.
Smart Africa will support BLOC SA’s fundraiser and collaborate closely with the fund’s management team by providing access to its local and regional technology platforms, such as incubators and accelerators, as well as helping with deal flow development.
Digitech was founded in 2016 and specializes in the development, integration, and marketing of professional alternatives and value-added consumer services using developing information and communication technologies.
Digitech provides seamless integration and cloud-based Insurtech systems to incumbent reinsurance and insurance companies.
Digitech’s technologies are highly scalable and flexible to each company’s specific needs. Reinsurance and insurance companies can already optimize over 80% of all processes, from paid subscription to smart billing process and charging to specialized real-time accounting and visual statistics, thanks to secure web access and data repositories that comply with the most stringent global cloud standards, including GDPR and PCI-DSS.
This funding will see Hyperion 2.0 will cover all reinsurance contract types for Digitech clients via the application of unique machine-learning algorithms, and will also automate 100 percent of the processes, leading in instant operational efficiencies for clients.
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