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Nigerian insurtech startup MyCover.ai, is announcing today that it has raised USD 1.25 M in pre-seed funding led by Pan-African venture capital fund Ventures Platform with participation from Founders Factory Africa and follow-on investor Techstars. The startup plans to use the investment to bolster its in-house operations and tech talent, invest heavily in its proprietary technology and strategically expand its operations into other African markets.
MyCover.ai provides an open insurance API that enables businesses to embed insurance into their existing products and services. The startup streamlines claims processes for these companies and end users, including fintechs, proptechs, e-commerce companies, telcos, logistics and mobility/ride-hailing, and BNPL platforms, which can choose from over 30 personalized insurance products to embed into their platforms.