Kenyan Insurtech Turaco Secures Investment From 3IF Ventures To Expand Affordable Insurance

Nairobi-based InsurTech company Turaco has secured an undisclosed investment from 3IF Ventures, marking the Mauritius-based fund’s first investment.

Founded in 2019 by Ted Pantone and Peter Gross, Turaco provides embedded insurance and affordable microinsurance products to underserved customers across Africa. The company has reached more than 8 million people across six African markets and recently expanded into Pakistan.

Turaco raised a USD 1.2 M seed round in 2019 and a USD 10 M Series A in 2022, which supported its entry into Nigeria. Its model combines embedded distribution partnerships, proprietary underwriting and claims technology, and affordable insurance products for low-income households.

Turaco has partnerships with companies including ASA International, M-KOPA and Safaricom. The company aims to eventually provide insurance coverage to 1 billion people globally.