Turaco, a Kenya-based micro-insurtech has raised the sum of $1.2m in seed funding. The angel investors that participated in the round include GAN Ventures, Mercy Corps Ventures, and Musha Ventures.
Founded in 2018, Turaco is an insurtech company that partners with local companies to provide customer-focused medical insurance for monthly premiums as low as $2.
It received the sum of $40000 grant funding from Villgro Kenya and $60000 venture building support from Catalyst Fund last year. Turaco offers customer-focused medical insurance to over 30000 users in Kenya and Uganda.
The company aims to help customers avoid the financial challenges that come with health calamities. Proper medical treatment in Africa is very expensive as hospitals require upfront payments to attend to patients.
Turaco provides quick, simple and affordable insurance for low-income earners in Kenya and Uganda. It supports emerging market consumers with insurance products designed to adequately cater to their health needs.
The seed funding will be used to develop ongoing pilots and partner with more fintech companies. It plans to raise additional capital to further scale its operations across Africa.
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