Inclusivity Solutions, a Cape Town, South Africa-based company that designs, builds, operates and innovates digital insurance solutions, secured an additional US$ 1.3m in its second tranche of its Series A round, bringing the total Series A round to US$2.6m.
Following on from their first tranche investment, the uMunthu fund, managed by Goodwell Investments, led the round with follow-on investment from UW Ventures (in partnership with Allan Gray). MFS Africa, a Pan-African fintech company, joined the round as a new investor.
The investment will be used to deepen the company’s presence within its existing markets, support further international expansion as well as accelerate innovation in the backbone technology platform, ASPin, which underpins the three existing products.
Led by Founder and CEO Jeremy Leach, Inclusivity Solutions designs, builds and operates inclusive digital insurance solutions. The company partners with banks, mobile operators, insurance companies and other distribution partners to deliver insurance solutions through digital channels. It has already launched digital insurance initiatives in Cote d’Ivoire, Rwanda and Kenya, in partnership with Orange, Airtel and Equity Bank’s Equitel respectively. Collectively, a range of hospital cash and life products have provided protection to more than 700,000 people.