The investment will be utilised to further grow Turaco and to upscale its operations in Sub-Saharan Africa. In addition, the startup aims to develop its proprietary technology and provide employment opportunities to grow the business.
Ted Pantone, co-founder, and CEO of Turaco explains that the funding will allow Turaco to take its existing business model to the next level.
“We are thrilled to partner with Novastar Ventures and all of our other great investors to help build Turaco to the next stage of growth. Our vision is to insure a billion people in the next 25 years. Investors like these will help propel us to that reality.”
Affordable health and life insurance
Founded in 2018, Turaco is an inclusive micro-insurtech startup that aims to provide cost-effective and simple health and life insurance products. The cost of health and life insurance packages on offer can reportedly cost as little as R31,41 ($2) and is available on flexible monthly payment plans.
Currently operational in Kenya and Uganda, Turaco claims to have insured a client base of over 70 000 individuals and paid out nearly 2 000 claims in an average turnaround time of less than three working days.
Turaco has been able to provide an affordable platform of access to health and life insurance packages by partnering with local businesses to design and distribute their products.
Growing rapidly, Turaco secured initial funding in 2019, amounting to $1.2-million in seed capital. The Kenya startup is expected to launch several distribution partnerships and collaborate with leading companies in the Sub-Saharan Africa region to provide innovative insurance products to the market.