Kenyan Insurtech Startup Turaco Raises USD 10 Mn Series A Round

Kenya-based insurtech Turaco has raised a USD 10 Mn Series A equity funding round led by AfricInvest, through its Cathay Africinvest Innovation Fund (CAIF), and Novastar Ventures, Enza Capital, Global Partnerships, Zephyr Acorn, Operator Stack, Asi Ventures Limited, and Push Ventures, also participated in the round.

Turaco has created an expansive distribution channel that is enabling it to tap into a large pool of potential customers in its markets, providing insurance to a group that has never consumed it before through its model. Through API integration Turaco’s partners like PayGo companies (M-KOPA), ride-hailing platforms (SafeBoda), fintechs and micro-finance institutions are able to bundle insurance with their core products or services.