Turaco, a Kenyan insurtech startup, has raised $10 million in a Series A round led by Africinvest and Novastar Ventures.
Enza Capital, Global Partnerships, Zephyr Acorn, Operator Stack, Asi Ventures Limited, and Push Ventures also participated.
Turaco, a distributor, and broker, is the main point of contact for customers between the insurance broker and the final customer during the insurance process, was founded in 2019.
The company’s B2B and B2B2C business models involve forming partnerships with tech-enabled companies with a large pool of customers or staff in emerging markets.
In simple terms, Turaco helps tech-enabled companies focused on non-insurance sectors ensure their customers or staff.
Turaco embeds its service as a white-labeled offering bundled with a partner’s core product or service while integrating with its existing payment processes to collect premiums from underserved customers and low-income earners.
For example, in 2019, Turaco partnered with M-KOPA, a fintech platform that provides digital financial services to underbanked customers, to embed insurance with M-KOPA’s products for the company’s customers and direct sales representatives.
It enables companies to integrate insurance into their products and services efficiently and at no additional risk or cost.
Now active in three countries, Turaco’s insurance drives revenue, customer and agent retention, and resiliency.
Turaco will use the funds to expand its business to serve millions of insurance customers in its current markets and beyond.