MyCover.ai, a Nigerian insurance startup, has closed a $1.25 million pre-seed funding round led by Ventures Platform. The round also included participation from Founders Factory Africa and TechStars, who are making a follow-on investment after the startup’s participation in its 2022 Toronto Accelerator program.
The startup will use this capital injection to bolster its in-house operations & tech talent, invest heavily in its proprietary technology and strategically expand its operations into other African markets.
Founded in 2021 by Adebowale Banjo, Alexander Igwe-Ifendu and Fred Ebho, MyCover.ai is focused on addressing the pain points that exist in the African insurance market, such as the lack of access, inadequate coverage, the unaffordability of insurance products, and the poor customer experience surrounding insurance processes. By operating across three essential touchpoints, the company addresses these problems: underwriting and product development, distribution, and insurance claims, where the claims processes are streamlined for insurance companies and the end-users.
The company provides an open insurance API that integrates with leading insurance companies to offer personalized insurance products, allowing other businesses and innovators to embed these insurance products into their platforms. For startups and businesses looking to embed insurance into their offerings, MyCover.ai provides easy integration through its API and SDK, enabling seamless insurance offerings to customers and, ultimately, revenue growth.
Adebowale Banjo, CEO and co-founder said: “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.
Dotun Olowoporoku, General Partner at Ventures Platform noted that Adebowale and his team are reshaping the insurance landscape in Nigeria and have their eyes set on the wider African market, by building the much-needed insurance infrastructure in Africa.
“Unlike other insurance 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,” Olowoporoku said. “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.”
