MyCover.ai, a Nigerian insurtech startup, has completed a US$1.25 million pre-seed funding round.
Ventures Platform led the funding round, which also included Founders Factory Africa and Techstars.
MyCover.ai, which was founded in 2021, is devoted to tackling the problems with the African insurance industry, including lack of access, insufficient coverage, the high cost of insurance, and a bad customer experience with insurance transactions.
The company offers over 30 personalized insurance products through an open insurance API that integrates with top insurance providers like Hygeia, Leadway, Sovereign Trust, AIICO Insurance, and Allianz. This open insurance API enables other companies and innovators to embed these insurance products into their platforms.
With over US$1 million in gross written premiums and solid agreements with top insurance companies in Nigeria, MyCover.ai has established itself as a market leader in the provision of cutting-edge insurance solutions since its launch.
The CEO and co-founder of MyCover.ai, Adebowale Banjo, stated, “We are constructing the rails that will power the growth and adoption of insurance across Africa. We are delighted to have the support of our new and returning investors, whose in-depth knowledge and extensive expertise in our region will help accelerate the attainment of our objectives.
The extra funding will be put to good use by the business to strengthen internal operations and tech skills, as well as to substantially invest in its own technology and strategically expand its operations into other African markets.
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