Inclusivity Solutions, an insurtech startup that delivers embedded insurance solutions into platforms and services that consumers already use, has secured a $1.5 million extension round led by Goodwell Investments. The investment will be used to boost the company’s ambition to operate in at least 12 African markets by the end of 2024.
Inclusivity Solutions currently serves over two million customers in eight African markets, including Kenya, where it has partnered with Britam and Airtel Kenya to offer a suite of affordable insurance covers from as low as KES. 35 per month.
Insurtech is a rapidly growing sector in Africa, as more and more people seek reliable and affordable financial and insurance solutions. Insurtech companies are using technology to revolutionize the traditional insurance system, reduce costs, and streamline insurers’ back-end processes. Some key Insurtech applications include preventing risk, detecting fraud, smart contract formulation, and claims management.
In a statement shared today, Inclusivity Solutions said, “With the latest influx of capital, Inclusivity Solutions looks forward to welcoming a wider range of partners to meet the needs of more individuals and small businesses across the African continent.”
Indira Gopalakrishna, CEO of Inclusivity Solutions, concluded: “We are thrilled to secure this extension round from Goodwell Investments. It is a validation of the pressing need to close the protection gap across the continent and the work Inclusivity Solutions is doing to address this challenge.” She added, “The fresh infusion of funds will enable us to serve millions more customers, across new and existing markets.”
The investment in Inclusivity Solutions is a positive development for the insurtech sector in Africa. It shows that there is a growing appetite for innovative insurance solutions that can meet the needs of underserved communities.
Inclusivity Solutions has raised over $3 million in funding from investors such as Goodwell Investments, Invenfin, and Partech Africa. The company’s investors are confident that Inclusivity Solutions has the potential to revolutionize the insurance industry in Africa.
