AfricInvest via the Cathay Africinvest Innovation Fund, and existing investor, Novastar Ventures led this seed round. Other participating investors were Operator Stack, Global Partnerships, Enza Capital, Zephyr Acorn, Asi Ventures Limited, and Push Ventures.
Through its B2B2C model, Turaco has been able to tap into a large pool of potential customers in its markets, including in Uganda and Nigeria via its creation of an expansive distribution channel.
This new funding will enable the start-up to move into its next phase to drive mass adoption for insurance, with new partnerships possible in the future, following other Insuretech companies in their fundraising efforts.
Turaco co-founder and CEO Ted Pantone spoke about the funding; “We want to insure a billion people in the next 25 years and that’s what we’re building towards.
“It’s an audacious goal in every way and I can’t even really describe how to get there, but I have a clear vision of insuring 100 million people. Getting to that next stage of growth means working with some of the largest brands in the world,” he said.
Founded in 2019, Turaco explained that its mission is to free people from the fear of financial shocks by offering them comprehensive insurance coverage.
Through its application programming interface (API) integration, Turaco’s partners like PayGo companies, fintechs and micro-finance institutions were able to integrate insurance products into their core offerings.