Turaco has raised $2 million investment to further grow the business and scale its operations across Sub-Saharan Africa.
The funding round which comes a year after the insurtech startup raised $1.2m in seed capital was led by Novastar Ventures, with participation from Mercy Corps Ventures, Musha Ventures, GAN Ventures, Zephyr Acorn, alongside some existing angel investors.
In a statement, Turaco Co-founder and CEO, Ted Pantone, said, ‘We are thrilled to partner with Novastar Ventures and all of our other great investors to help build Turaco to the next stage of growth. Our vision is to insure a billion people in the next 25 years. Investors like these will help propel us to that reality.’
Turaco provides simple, affordable health and life insurance to low-income earners, distributing our products through partnerships with leading businesses in Kenya and Uganda. Turaco is doing business in Kenya as Ellard Insurance Agency Ltd. and in Uganda as Atlanta Insurance Ltd.
To date, Turaco has insured over 70,000 people and almost 2,000 claims paid in an average turnaround time of less than 3 working days.
This latest investment will be used to drive growth in their current locations (Kenya and Uganda) and facilitate the business’ expansion into a third market next year.
The financial support will also facilitate the development of the next stage of Turaco’s proprietary technology and recruitment of key hires to position the business for continued growth in 2021.
For now, Turaco is expected to launch several major distribution partnerships as they collaborate with more leading companies in sub-Saharan Africa to deliver innovative insurance products to their end-users