Dealflow | April 1, 2021

Nigerian insurance tech venture Curacel scores $450,000 for geographic expansion

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, April 1 — Curacel uses AI and cloud-based tools to enable health, travel and auto insurance companies in Africa to process claims at scale and detect and curb fraud.

The Lagos-based tech startup’s clients include Old Mutual Limited, AXA Mansard Insurance and Liberty Health. The company says more than 800 hospitals in Nigeria, Ghana and Uganda use its platform. 

Pre-seed funding

Curacel will use the pre-seed investment to expand its business to 10 other African countries by year’s end. Atlantica Ventures, an impact venture firm investing in early stage tech companies in Africa, led the round alongside Consonance Investment Managers (see, “Consonance backs AFEX to help capitalize smallholder farmers”). Other investors include Kepple Apple Ventures and angel investors in Africa.