This archive report was first published on 13 December 2019.
On December 13, 2019, Kenya's micro-insurtech startup, Turaco, secured $1.2 million in funding to fuel its expansion into new markets and strengthen its position in existing ones.
The funds will also be used to pursue partnerships with businesses, mobile lending organizations, and fintech companies, further solidifying Turaco's presence in the region.
With operations already established in Kenya and Uganda, serving over 30,000 users, Turaco aims to scale its operations across Africa, targeting underserved and unserved communities with affordable medical cover.
For as little as $2 (Ksh200) per month, Turaco offers medical cover to individuals who may not have access to traditional insurance options.
The funding round saw participation from GAN Ventures, Mercy Corps Ventures, and Musha Ventures, with Turaco planning to seek additional capital in 2020 to cater to its anticipated rapid growth.
Sub-Saharan Africa presents a significant opportunity for affordable insurance, with an estimated 90% of the population remaining uninsured due to low earnings.
