Lami Technologies, an insurtech startup based in Kenya, has successfully raised 3.7 million dollars in seed funding in order to extend its insurtech offering across Africa.
Early-stage venture firm Harlem Capital took the lead on the extension.
Early-stage startup capital firm Newtown Partners, Peter Bruce-Clark, Caribou Honig, Jay Weintraub of InsureTech Connect, and senior members of Exotix Advisory also took part in the round.
In 2018, Lami Technologies was founded to solve the issue of poor insurance uptake in Africa, which is a result of the industry’s sluggish rate of innovation, leaving the region to deal with sluggish and antiquated paper-based systems.
The additional funding, according to Lami founder and CEO Jihan Abass, would be utilized for business development, product and technology development, and expansion into new nations like Egypt, Nigeria, and Uganda.
“Lami is a forerunner in the insurance industry when it comes to innovation, and we are happy to have found the proper partners to promote insurance use in Africa. We want to make insurance easily available to everyone on the continent, and we’ll keep announcing new solutions to support this goal, added Abass.
Lami aims to close the gap by using technologies that reduce the cost of insurance through the use of “bite-sized” premiums. For instance, the company developed a cover that covers items each trip with premiums starting at US$ 0.21 for commodities worth US$ 85 as a result of its cooperation with logistics startup Sendy.
As a result of the growing investment in Lami, which comes at a time when funding for female-led businesses in Africa is still paltry compared to that for their male counterparts, women founders are encouraged that better days are ahead.
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