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Casava, Nigeria’s first 100 per cent digital insurance company, has secured USD 4 Mnin pre-seed funding to provide affordable and accessible insurance products for millions of Nigerians. The funding round was led by Target Global with participation from Entrée Capital, Oliver Jung, Monzo founder Tom Blomfield and Stash founders Ed Robinson and Brandon Krieg. African founders such as Uche Pedro (founder of BellaNaija), Babs Ogundeyi and Musty Mustapha (co-founders of Kuda), Shola Akinlade (co-founder of Paystack), Olugbenga “GB” Agboola (co-founder of Flutterwave), Honey Ogundeyi (founder of Edukoya), Opeyemi Awoyemi (co-founder of Jobberman), and others also participated in the round.
Casava aims to make insurance affordable for income earners by leveraging technology, behavioural science and empathy. The startup is a vertically integrated company with a wholly-owned microinsurance carrier in Nigeria and a full technology stack to power it. The new funds will support customer acquisition and growth, as well as further development of the product and the technology stack.