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Kenya’s Lami raises $1.8M to scale API insurance platform across Africa
Africa’s insurance market stands at a 3% penetration rate, per a McKinsey study in 2018 comparing six insurance regions on the continent. If the South African market is excluded, this number drops to a measly 1.12%.
Unlike other parts of the world, most African insurance providers neglect the importance of tailored and affordable insurance products to the average African consumer. Lami Technologies, a startup out of Kenya armed with $1.8 million in seed money, is looking to change that.
The round was led by Accion Venture Lab, a seed-stage investment firm that supports financial services targeted at underserved markets. Other VCs that participated include AAIC, Consonance, P1 Ventures, Acuity Ventures, The Continent Venture Partners and Future Africa.
Upsetting The Apple Cart – CIO East Africa cio.co.ke - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cio.co.ke Daily Mail and Mail on Sunday newspapers.