South Africa-based insurtech startup Inclusivity Solutions has secured around $1.3 million in a fresh funding round, the media reported.
Inclusivity Solutions will the funds from its latest funding round to expand into new markets as well as bolster its position in its existing markets.
Inclusivity Solutions designs, builds, and operates inclusive digital insurance solutions and delivers them through digital channels in partnership with mobile operators, insurance companies, and other distribution partners.
The uMunthu fund, managed by Goodwell Investments, led the round with follow-on investment from UW Ventures (in partnership with Allan Gray).
Wim van der Beek, Managing Partner, Goodwell Investments, said: “We are excited to lead this second tranche and make this additional investment from our uMunthu fund, especially in these challenging times. Our investment focus is inclusive growth, and we believe that collaborative insurtech solutions like Inclusivity Solutions are best positioned to reach large numbers of underserved consumers. Their model bridges the insurance protection gap for underserved through products that are designed to be simple, affordable, and accessible, even on the most basic mobile phone. It is a perfect fit with our mandate, and we look forward to continue to support Inclusivity Solutions in its next stage of growth.”
According to founder and chief executive officer Jeremy Leach, insurtech has an important role to play in a difficult time like these in protecting the vulnerable amid the coronavirus pandemic.
He said that the investment provides the endorsement and support that the startup needs as an organisation to continue its work in designing and scaling products that address the risks that really matter and can play a real role in adding value to consumers, as well as offering a digital-ready solution to insurers during operationally challenging times.