MyCover.ai, a Lagos, Nigeria-based insurtech startup building digital insurance infrastructure, raised $1.25M in Pre-Seed funding.
The round was led by Ventures Platform with participation from Founders Factory Africa and TechStars.
The company intends to use the funds to bolster its in-house operations and tech talent, invest in its proprietary technology and strategically expand its operations into other African markets.
Led by CEO Adebowale Banjo, CPO Alexander Igwe, and CTO Fred Ebho, MyCover.ai is an insurtech platform that enables businesses and innovators to embed and distribute insurance products in Africa. The company is working on how Africans utilise and experience insurance by embedding policies into their favourite products and services and by streamlining claims processes for insurance companies and users.
MyCover.ai provides an open insurance API that integrates with insurance companies, such as Hygeia, Leadway, Sovereign Trust, AIICO Insurance and Allianz, to offer over 30 personalised insurance products, allowing other businesses and innovators to embed these insurance products into their platforms.
MyCover.ai’s range of products have been used by businesses across various sectors and verticals, such as logistics and mobility/ride-hailing, e-commerce, BNPL platforms, fintechs and more.
FinSMEs
19/07/2023