Nigerian Startup Etap Secures USD 1.5 Mn Pre-Seed Round

Nigerian insurtech Etap has secured a USD 1.5 Mn pre-seed funding in a round led by Mobility 54, the venture capital arm of Toyota Tsusho and CFAO Group. Tangerine Insurance (also Etap’s underwriter), Graph Ventures, Newmont, and several other angel investors also participated in the round.

Etap claims to enable motor vehicle owners to purchase insurance in 90 seconds and complete claims in three minutes. The startup’s end-to-end services also include pre-loss inspection (done when signing up) and post-accident reviews, all of which are based on images. To prevent fraudulent claims, the app comes with geolocation tags, timestamps, and other features like crash notifications.