South African insurtech startup Inclusivity Solutions has raised US$1.56 million in the first tranche of its Series A funding round to help it expand into other markets.
Inclusivity Solutions designs, builds and operates inclusive digital insurance solutions and delivers them through digital channels in partnership with mobile operators, insurance companies and other distribution partners.
Its funding round, which is led by Goodwell Investments with participation from Allan Gray, RGAx and angel investors, will help the startup expand its digital insurance products into more emerging markets and accelerate the growth of its product offering with existing partners in East and West Africa. Inclusivity Solutions has already successfully launched initiatives in Ivory Coast, Rwanda and Kenya, in partnership with Orange, Tigo Airtel and Equitel respectively.
“We are thrilled to have Goodwell Investments and Allan Gray joining our existing investor RGAX. We look forward to working with them and benefitting from their experience in supporting fast growing companies in financial inclusion and fintech and their networks in the sector. And we are very pleased with the continued support from RGAx, who have been backing us from our early days,” said Jeremy Leach, founder and chief executive officer (CEO) of Inclusivity Solutions.
“With this round we have the opportunity to expand our reach to new markets both in Africa and around the globe – ultimately offering valuable insurance protection to millions of emerging consumers.”
Lead investor Goodwell Investments is excited about the investment in Inclusivity Solutions through its new uMunthu fund.
“Our investment focus is inclusive growth, and we believe that collaborative insurtech solutions like Inclusivity Solutions are best positioned to reach large numbers of underserved consumers,” said Wim van der Beek, the firm’s managing partner.
“The team at Inclusivity Solutions is very talented and experienced, they have their feet on the ground and they have already achieved significant traction. Their model bridges the insurance protection gap for underserved through products that are designed to be simple, affordable and accessible, even on the most basic mobile phone. A perfect fit with our mandate, and we look forward to supporting Inclusivity Solutions in its next stage of growth.”