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Home Insurtech

Casava, a Nigerian insurtech startup, has received $4 million in pre-seed funding

Tech Gist Africa by Tech Gist Africa
02/06/2022
in Insurtech, Investments, News - West Africa, Startups, Venture Capital
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cassava Nigeria Insurtech

cassava Nigeria Insurtech

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Casava, a Nigerian digital insurance startup, has received US$4 million in pre-seed capital to help millions of Nigerians get affordable and accessible insurance.

Target Global led the pre-seed funding round, which included Entrée Capital, Oliver Jung, Monzo founder Tom Blomfield, and Stash founders Ed Robinson and Brandon Krieg.

Uche Pedro (founder of BellaNaija), Babs Ogundeyi and Musty Mustapha (co-founders of Kuda), Shola Akinlade (co-founder of Paystack), Olugbenga “GB” Agboola (co-founder of Flutterwave), Honey Ogundeyi (founder of Edukoya), Opeyemi Awoyemi (co-founder of Jobberman), and others were among those who took

Casava, which was founded last year, intends to make insurance more accessible for low-income people by combining technology, behavioral science, and empathy.

The start-up has a Nigerian microinsurance carrier that is 100% owned by the company, as well as a complete technology stack to support it.

Casava currently has over 66,000 customers and insurance coverage totaling US$16 million. Subscribers to Casava Income Protection can cover their income for as low as US$1 a month and get payments monthly for six months if they lose their job, become ill, or become incapacitated.

“With fewer than 1% of the population insured, Nigeria (and Africa) is an unexplored insurance market,” stated Bode Pedro, founder, and CEO of Casava. We want to remove the roadblocks to adoption and provide value to consumers across the country.”

The additional funds will be used to assist customer acquisition and expansion as well as product and technology stack development.

 

Read more on Tech Gist Africa:

Amitruck, a Kenyan logistics startup, has raised $4 million in seed funding to help it expand across Africa

Nestcoin, a Nigerian cryptocurrency startup, has raised $6.45 million in a pre-seed funding round

InstaDeep, a Tunisian artificial intelligence startup, has received $100 million in Series B funding

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