$1.5 M raised by SA insurtech startup Inclusivity Solutions in Series A extension round

Inclusivity Solutions, a South African insurtech startup, has secured a US $1.5 million Series A extension round to fund its plans for pan-African expansion.

In order to provide straightforward and reasonably priced insurance coverage via mobile phones, Inclusivity Solutions was founded in 2015 and creates, develops, and manages inclusive, embedded digital insurance solutions. It then distributes these solutions through digital channels in collaboration with mobile operators, insurance providers, and other distribution partners.

After raising nearly US $3 million in two prior Series A funding rounds, the startup has secured an additional US $1.5 million in an extension round led by Goodwell Investments, an impact investment firm that has supported Inclusivity Solutions in its previous two fundraising campaigns.

By the end of 2024, Inclusivity Solutions hopes to operate in at least 12 African markets, and this investment will help it achieve this goal. The business will also keep making investments in its open-API, no-code platform, which lets insurers and distribution partners provide a wide range of insurance products in a few hours.

“We are thrilled to secure this extension round from Goodwell Investments. It is a validation of the pressing need to close the protection gap across the continent and the work Inclusivity Solutions is doing to address this challenge. We already serve over two million customers in eight African markets. The fresh infusion of funds will enable us to serve millions more customers, across new and existing markets,” said Indira Gopalakrishna, CEO of Inclusivity Solutions.

Els Boerhof, managing partner at Goodwell Investments, stated that underprivileged and unserved populations, particularly those in various parts of Africa, were finally gaining access to secure and dependable savings, payments, and loans.

“Yet insurance remains the problem child. Inclusivity Solutions makes insurance easily available and reliable, and thanks to their technology, highly scalable. They are solving an urgent problem, helping people protect themselves from the unforeseen shocks that are often the root cause of poverty and inequality. That is why we invested. In addition, we are pleased to support an organisation with a woman at the helm. We don’t see enough funding going there yet,” said Boerhof.