MyCover.ai, an insurtech startup responsible for building infrastructure of Africa’s digital insurance, has secured $1.25 million in a pre-series fund.
The funding round was led by Ventures platform with participation from Techstars and founders factory Africa. The investment was birthed by the startups previous involvement in the 2022 accelerator program in Toronto.
The round is intended to support the internal operations of the company, discover new talents and see to its expansions in various African countries.
Speaking on the raise, Adebowale Banjo, CEO and Co-founder of MyCover.ai said the present insurance space has been inflicted by failures that stops distribution and adoption. The company has built an infrastructure that makes possible affordable and accessible insurance that has been a challenge to customers.
“Adebowale and his team are reshaping the insurance landscape in Nigeria and have their eyes set on the wider African market, by building the much-needed insurance infrastructure on the continent. Unlike other insurtech solutions that focus on specific areas of insurance penetration among the underserved, MyCover.ai takes a collaborative approach and offers a suite of services that cover the entire spectrum of these challenges. We are confident in their vision and operational pedigree, and we are excited to support their growth as they continue to empower businesses and individuals through scalable and innovative insurance solutions”, Dotin Olowoporoku, General partner at venture platform added.
About the company
MyCover.ai was founded in 2021 and ever since has continued to address the major issues faced by the insurance market in Africa such as inaccessibility , prices of products, inability to reach a large audience, and the inexperience of customers to process surrounding insurance.
By engaging these three pivotal points( product development, product distribution and insurance claims), these issues that challenge the insurance market would be resolved.
In place of the conventional insurers who struggle to expand their products to a larger demographics, and sub-standardized perforation of insurance, the company has placed itself as a mechanism for change using high proliferation of technology and technological devices, accessible internet and high global fintech companies.