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.