Inclusivity Solutions, a South African insurtech startup, has secured a US$1.5 million Series A extension round to fund its plans for pan-African expansion.
The funding round was led by impact investing firm Goodwell Investments, which has supported Inclusivity Solutions in its last two rounds of fundraising.
In order to provide easy and reasonably priced insurance coverage via mobile phones, Inclusivity Solutions was founded in 2015 and develops, constructs, and manages inclusive, embedded digital insurance solutions. It then distributes these solutions through digital channels in collaboration with mobile operators, insurance providers, and other distribution partners.
“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.
By the end of 2024, Inclusivity Solutions hopes to operate in at least 12 African markets, and this investment will help it achieve this goal.
Additionally, the company will keep funding its open-API, no-code platform, which lets insurers and distribution partners provide a whole line of insurance products in a few hours.
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Stitch, a South African fintech startup, has raised $25 million in a Series A extension round
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