South African insurtech startup Inclusivity Solutions has raised a US$1.5 million Series A extension round to support its pan-African expansion plans.
Launched in 2015, Inclusivity Solutions designs, builds and operates inclusive, embedded digital insurance solutions and delivers them through digital channels in partnership with mobile operators, insurance companies and other distribution partners to deliver simple and affordable insurance cover through mobile phones.
The startup has raised two previous tranches of Series A funding worth almost US$3 million, and has now banked a further US$1.5 million in an extension round led by Goodwell Investments, an impact investment firm that has backed Inclusivity Solutions in its last two fundraising events.
The investment will support Inclusivity Solutions’ expansion plans, including its ambition to operate in at least 12 African markets by the end of 2024. The company will also continue to invest in its no-code, open-API platform which enables distribution partners and insurers to offer a full range of insurance products in a matter of hours.
“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. We already serve over two million customers in eight African markets. The fresh infusion of funds will enable us to serve millions more customers, across new and existing markets,” said Indira Gopalakrishna, CEO of Inclusivity Solutions.
Goodwell Investments managing partner Els Boerhof said access to safe and reliable savings, payments and loans for unserved and underserved groups around the world, including in several regions in Africa, was finally growing.
“Yet insurance remains the problem child. Inclusivity Solutions makes insurance easily available and reliable, and thanks to their technology, highly scalable. They are solving an urgent problem, helping people protect themselves from the unforeseen shocks that are often the root cause of poverty and inequality. That is why we invested. In addition, we are pleased to support an organisation with a woman at the helm. We don’t see enough funding going there yet,” said Boerhof.
