Nigerian Startup, Casava, Breaks Record Becomes First African Insurance Company to Secure Over N1bn Investment
- A Nigerian startup, Casava has secured over N1 billion in funding from foreign investors to scale up its insurance service
- The company intends to use the investment to grow the quality of its digital insurance features thereby onboarding more Nigerians
- Casava is an insurtech and licensed microinsurance underwriter, offering insurance powered by technology
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A Nigerian company, Casava owned by a smart young Nigerian, Bode Pedro has secured the biggest deal in Africa insurance space a N1.8 billion($4 million) investment.
Casava which he founded in 2016 pride itself as the first digital insurance company and with the funding Pedro will be looking at upscaling its services.
The digital insurance platform currently provides cover for health and job loss. Unlike the former, insurance around job loss is relatively uncommon in Nigeria.
Source: Facebook
Currently the company says it already has more than 66,000 customers, with $16 million in insurance coverage Techcrunch reports.
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Pedro on his company's product said subscribers can insure their income from $1 (~₦500) monthly, and get paid monthly for six months if they lose their job, become sick or disabled.
“It’s been a successful product. We’re scaling it well and people are like, ‘I didn’t even know you could do this.’” We’re seeing companies trying to buy for their employees; even lenders are looking to get their borrowers to buy it.”
"Subscribers can also use its Health Insurance product and access more than 1,000 doctors on telemedicine and 900 hospitals across Nigeria. There’s also HealthCash, which lets users get reimbursed when they visit the hospital for specific periods, all for ₦250 (~$0.5) – ₦300($0.6) a month."
The investors behind Casava N1.6bn
Berlin-based Target Global led the pre-seed round, with foreign VCs and angel investors such as Entrée Capital, Oliver Jung, Tom Blomfield, Ed Robinson and Brandon Krieg participating.
Three Nigerians, Ikenna, Chidi, Oghenetega Get N197.7m
Meanwhile, three young Nigerians recently won nearly half a million dollars from Chinese billionaire, Jack Ma.
Legit.ng reported that the funds were given to startups across Africa that set out to solve major problems within their countries.
Among the 10 finalists listed, Nigeria's Ikenna Nzewi came 2nd as Jack Ma foundation disclosed over 12,000 applications were submitted.
Source: Legit.ng
