An insurtech infrastructure company in Africa, Curacel, has raised $450,000 pre-seed funding in a round that was led by Atlantica Ventures and Consonance with participation from Kepple Ventures and other African angel investors.
The AI-powered platform for claims processing and fraud management said the new investment would be used to accelerate its expansion across Africa and facilitate the goal of becoming Africa’s premier provider of embedded finance technology for insurance.
The insurtech startup already works with some of the biggest insurers on the continent, including AXA Mansard, Liberty Health and Old Mutual, as well as more than 800 hospitals in Nigeria, Ghana, and Uganda.
It plans to expand into 10 new African countries by the end of 2021.
Curacel said its CLAIMS platform acts as a bridge between primary care hospitals and Africa’s insurance companies, using advanced artificial intelligence to ensure that insurance companies only pay claims for the correct treatment, appropriate medications and recommended patient therapies.
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Speaking on the new funding, Curacel Co-founder and CEO, Henry Mascot, said, “We are excited to have these investors on board and we are looking forward to partnering with them to drive our vision of improving insurance inclusion across Africa.
“At Curacel, we are uniquely positioned to safeguard livelihoods and increase the quality of life through our unique, market-leading products and services.”
Partner at Atlantica Ventures, IK Kanu, noted, “The African insurance market represents a significant growth opportunity and we are delighted to be partnering with Curacel to drive growth in this sector. There is an opportunity to create an entirely new market of products and services here and we look forward to supporting the team to improve health outcomes across the continent.”
“We believe the Curacel team has what it takes to be market leaders and we are excited to support them. They have a great product and we are delighted to be coming onboard at this early stage.” the Managing Partner at Consonance, Mobolaji Adeoye, added.
