Kenya-based insurtech startup Turaco has raised around $1.2 million in a fresh round of funding to improve its operations across Africa, according to local media reports.
Turaco will also use the fund to expand its business in other parts of Africa.
Chief executive at Turaco, Ted Pantone revealed in a statement that investors that took part in the funding round include Gan Ventures, Mercy Corps Ventures and Musha Ventures.
Turaco currently operates in Kenya and Uganda. Its product offerings include affordable life and health insurance products that are available at a premium starting from $2. Turaco offers the product by collaborating with its partners.
Its partners also include fintech startups through which it offers its product with lucrative offers such as cashbacks.
In the statement, Ted Pantone said, “For this round, we were blessed to be able to choose from a group of investors with different specialties. These range from social impact and value alignment to industry understanding and connections in Silicon Valley. In our next round of funding, we are looking for additional value-aligned investors who have the capacity to support us in our vision to insure a billion people.”
Turaco, which is headquartered in Nairobi, Kenya, secured $40,000 from Villgro Kenya last year. During the same period, Turaco was selected to join the Catalyst Fund‘s fintech accelerator programme along with three other Africa-focused and one Brazilian startup.
The startup, which was founded in 2008, has reportedly insured more than 30,000 users in Kenya and Uganda. The insurtech also has an office in Atlanta in the US.