Tanzanian insurtech startup Jamii has raised funding from US-based entrepreneur Patrick Munis as it closes in on its target of US$2 million for expansion to Kenya.
Jamii, which launched in 2016, has built a mobile policy management platform that performs all the administration activities of an insurer, and allows users to access cheap insurance via USSD.
The startup offers micro-health insurance services with plans starting at around US$1 per month per person, and has so far covered over 6,400 people by health insurance and helped 2,900 people make health insurance claims through the platform.
Jamii’s services became available nationwide this month, and the startup is raising a US$2 million round of investment to expand to Kenya. It has now confirmed investment from Munis, founder of US-based digital health company NewWave Technologies, to take the total of that planned round raised so far to US$700,000.
It is the first investment made in Africa by Munis, who is of Nigerian descent. The entrepreneur’s company NewWave Technologies has over 200 employees and manages substantial healthcare records of residents of Washington DC.
Jamii was one of the 20 scale-ups accelerated by the World Bank’s XL Africa programme last year, and also secured grant funding from the GSMA Ecosystem Accelerator. Its last equity funding came in 2017.
