South Africa’s Insurtech Inclusivity Solutions Secures $1.5 Million Series A Round to Drive Expansion Plans
Inclusivity Solutions, a South African Insurtech startup that designs, builds, operates, and innovates digital insurance solutions, has announced that it has secured a $1.5 million series A extension round.
The funding round was led by a pioneering investment firm focused on financial inclusion, Goodwell Investments, after the company reasserted its confidence in Inclusivity Solutions’ ability to transform access to insurance in emerging markets.
Speaking on the funds raised, CEO of Inclusivity Solutions Indira Gopalakrishna, said,
“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”.
This investment will support Inclusivity Solutions’ expansion plans, including its ambition to operate in at least 12 African markets by the end of 2024. The company will also continue to invest in its no-code, open-API platform which enables distribution partners and insurers to offer a full range of insurance products in a matter of hours.
Also speaking on the funds invested in Inclusivity Solutions, Goodwell Investments managing partner Els Boerhof said,
“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 organization with a woman at the helm. We don’t see enough funding going there yet”.
Inclusivity Solutions is proudly an African technology company that’s closing the growing global insurance gap through innovative digital and embedded insurance solutions.
The company enables insurance and distribution partners to truly embrace digital transformation by putting their customers at the heart of it. Also, it leverages technology and partnerships to make appropriate and affordable insurance accessible to consumers in emerging markets.
Through its platform, it offers speed, simplicity, and scale and is supported by a world-class team of InsurTech advisors who ensure fast deployments and lasting returns on investment.
