The MyCover.ai funding round also included Founders Factory Africa and Techstars, who are making another investment after its involvement in the 2022 Toronto Accelerator programme.
The insurtech will use this capital injection to bolster its in-house operations and technology talent, as well as invest heavily in its proprietary technology and expand into more African markets.
Founded in 2021, MyCover.ai aims use the funding to cover the pain points in the African insurance market. This includes lack of access, poor coverage, unaffordability, and bad customer experience.
In addition, the firm has an open insurance API that integrates with leading insurance companies, such as Hygeia, Leadway, Sovereign Trust, AIICO Insurnace and Allianz. Thanks to this, it can offer over 30 personalised insurance products.
With over $1m in gross written premiums and strong partnerships with insurance providers in Nigeria, MyCover.ai has established itself in the country.
Furthermore, the API integration allows collaboration with external partners, empowering businesses from various sectors to integrate insurance into their products and services.
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Adding to MyCover.ai’s range of services and support is MyCoverGenius, the first and only B2B platform in Nigeria, which offers the opportunity for clients to directly purchase insurance products from the company.
MyCover.ai CEO and co-founder Adebowale Banjo said: “The current insurance landscape is plagued by fragmentation and inefficiencies that hinder distribution and adoption. Affordable, accessible, and frictionless insurance remains a significant challenge for many customers, and we are proud to be at the forefront of change, constructing a robust infrastructure that addresses these critical issues head-on. We are building the rails that will power the growth and adoption of insurance across Africa, and 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, commented: “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 on the continent. Unlike other insurtech 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. 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.”