Nigeria-based InsurTech startup Octamile has come out of stealth mode with $500,000 from a pre-seed funding round led by EchoVC.
Also participating in the round was Fiat Ventures, Kesho VC, Trade X, Verraki Partners, Dale Mathias, Kyle Daley (founding team member of Chime) and other local and international Angel investors.
Octamile said it believes in simplifying access to and reducing friction in the insurance experience to protect Africans from financial loss. Its digital insurance solutions enable non-insurance businesses to offer insurance as a feature in their already existing products.
Speaking on the launch, the founder and CEO of Octamile, Gbenro Dara, said, “Insurance is one sector that has the power to elevate the economy, but only about 5 out of 100 Africans have any form of insurance protection. The industry has lagged in the use of technology to deliver better products and services.
“Our goal over the next months will be to work closely with our partners, which include AXAMansard, and FirstBank, and onboard the dozens of insurers and startups on the waitlist ready to leverage the power of our solutions.”
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