Nigerian insurtech startup Curacel, an AI-powered platform for claims processing and fraud management in Africa, has secured US$450,000 in pre-seed funding to accelerate product development and expansion across the continent.
Formed in 2017, Curacel automates the insurance claims process, allowing staff to process claims volumes quickly and efficiently, and automatically vets claims to detect fraud, waste and abuse.
Having begun life as an electronic health information management system, the startup has developed into an insurtech infrastructure company that helps insurers and partners in Africa and other emerging markets increase the reach and functionality of insurance through cloud-based tools and APIs. CLAIMS, its flagship product, is an AI-powered platform that enables insurers to automate claims seamlessly and track fraud, waste, and abuse (FWA).
Curacel has now raised US$450,000 pre-seed funding in a round that was led by Atlantica Ventures and Consonance with participation from Kepple Ventures and other African angel investors. The new investment will be used to accelerate Curacel’s expansion across Africa and facilitate its goal of becoming Africa’s premier provider of embedded finance technology for insurance.
The startup already works with some of the biggest insurers on the continent, including AXA Mansard, Liberty Health and Old Mutual, as well as more than 800 hospitals in Nigeria, Ghana, and Uganda. It plans to expand into 10 new African countries by the end of 2021.
Curacel is also scheduled to launch Curacel Capital, a cash advance product that makes it easier for healthcare providers to access working capital to mitigate financial challenges.
“We are excited to have these investors on board and we are looking forward to partnering with them to drive our vision of improving insurance inclusion across Africa. At Curacel, we are uniquely positioned to safeguard livelihoods and increase the quality of life through our unique, market-leading products and services,” said Curacel co-founder and chief executive officer (CEO) Henry Mascot.
Ik Kanu, partner at Atlantica Ventures, said the African insurance market represented a significant growth opportunity.
“We are delighted to be partnering with Curacel to drive growth in this sector. 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,” he said.
