Nigerian Insurtech Startup Curacel Raises USD 3 M Seed Funding

Curacel, a Nigeria-based platform that aims to drive insurance penetration in emerging markets via APIs enabling insurers to connect with digital distribution channels and administer their claims, has raised USD 3 M in seed funding. Investors in the round include Tencent, Blue Point Capital Partners, Pioneer Fund, Olive Tree Capital, Y Combinator and AAF Management and Elefund. Fitbit CEO James Park, Flutterwave CEO Olugbenga Agboola and Kuda CEO Babs Ogundeyi were some of the individual investors in the seed round.

Curacel helps insurers & partners in Africa and other emerging markets to increase the reach and functionality of insurance through APIs and cloud-based tools. The startup via her flagship product, CLAIMS, enables insurers to automate claims seamlessly and track fraud, waste, and abuse (FWA). The company plans to use the investment to deepen its presence across the continent.