Curacel, a Nigerian startup that aims to fast-track claims processing and detects fraudulent claims for health insurance, has raised a $450,000 investment.
The pre-seed funding was led by Atlantica Ventures and Consonance with participation from Kepple Ventures and other African angel investors. It intends to use the funds raised to expand to 10 African countries by the end of 2021.
Founded in 2018 by Henry Mascot and John Dada, Curacel helps insurance companies track fraud, waste, and abuse in their businesses.
Some of its clients include AXA Mansard, Liberty Health, Old Mutual amongst others..
“The African insurance market represents a significant growth opportunity and we are delighted to be partnering with Curacel to drive growth in this sector,” says IK Kanu, Partner at Atlantica Ventures.
“There is an opportunity to create an entirely new market of products and services here and we look forward to supporting the team to improve health outcomes across the continent.”