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$1.25 M Pre-seed funding raised by Nigerian insurtech startup MyCover.ai to boost its internal operations

MyCover.ai, an insurtech startup based in Nigeria, has raised US $1.25 million in pre-seed funding to grow its internal operations and tech talent, make significant investments in its own technology, and strategically expand its operations into other African markets.

MyCover.ai, which was founded in 2021, is devoted to addressing the problems that the African insurance market faces, such as a lack of access, insufficient coverage, the high cost of insurance, and a subpar customer experience when dealing with insurance procedures.

The company addresses these issues by operating across three key touchpoints: distribution, insurance claims, and underwriting and product development, where the claims processes are streamlined for both insurance companies and end users.

The company offers over 30 personalized insurance products through an open insurance API that integrates with top insurance providers like Hygeia, Leadway, Sovereign Trust, AIICO Insurance, and Allianz. This open insurance API enables other companies and innovators to embed these insurance products into their platforms.

In addition to Founders Factory Africa and Techstars, which are making a follow-on investment after the startup participated in its 2022 Toronto Accelerator program, Ventures Platform is the lead investor in the US $1.25 million pre-seed round.

With over US $1 million in gross written premiums and solid partnerships with top insurance companies in Nigeria, MyCover.ai has established itself as a market leader in the provision of cutting-edge insurance solutions since its launch.

“The current insurance landscape is plagued by fragmentation and inefficiencies that hinder distribution and adoption. Affordable, accessible, and frictionless insurance remains a significant challenge for many customers, and we are proud to be at the forefront of change, constructing a robust infrastructure that addresses these critical issues head-on. We are building the rails that will power the growth and adoption of insurance across Africa, and we are delighted to have the support of our new and returning investors whose deep knowledge and extensive expertise in our region will help accelerate the attainment of our objectives,” said MyCover.ai’s CEO and co-founder Adebowale Banjo.

Banjo and his team are reshaping the insurance industry in Nigeria, according to Dotun Olowoporoku, general partner at Ventures Platform. They also have their sights set on the larger African market.

“Unlike other insurtech solutions that focus on specific areas of insurance penetration among the underserved, MyCover.ai takes a collaborative approach and offers a suite of services that cover the entire spectrum of these challenges. We are confident in their vision and operational pedigree, and we are excited to support their growth as they continue to empower businesses and individuals through scalable and innovative insurance solutions,” he said.

 

 

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