Curacel raises $3 million

Curacel closed a $3 million seed funding round to roll out new technology solutions designed to power the next generation of insurance experiences in Africa. The new funding will also support the company’s expansion into North Africa. The seed funding round included Tencent, AAF Management, Elefund, Blue Point Capital Partners,  Pioneer Fund, Olive Tree Capital and Y Combinator.

Founded in 2017, Curacel makes it easier for insurers to distribute their products, and automate their claims processes. With Grow, Curacel’s embedded insurance product, more than 100 banks, fintechs, logistics companies and other tech-enabled companies, including ALAT (Nigeria’s first digital bank), Providus, PalmPay, and Float, are looking to increase their recurring revenues by offering digital insurance products that are embedded into their existing products and services.

Insurers like AXA Mansard, Liberty Health, Old Mutual and Jubilee Heath also leverage Curacel’s technology to improve the efficiency and accuracy of their claims processes.

“We are bullish on the potential of the right technology in the right places to close the protection gap across Africa and emerging markets. It is an exciting time for us as we secure the capital to deliver the vision and onboard the people who have built these technologies at scale in more mature markets, and we are looking forward to delivering more technology solutions to drive up insurance inclusion.” – Henry Mascot, CEO and co-founder of Curacel.