MyCover.ai, a Nigerian Insurance technology firm received shot in the arm in its operations after raising $1.25 million in pre-seed capital.
Ventures Platform, a Pan-African venture fund led the drive in partnership with Founders Factory Africa and US-based Techstars.
Techstars was making a follow-on investment after having made the first contact with MyCover.ai during the 2022 Toronto Accelerator program.
In addition, MyCover.ai-which offers tech solutions in the insurance market- will use the capital raised to strengthen its operations and explore other markets in Africa.
Adebowale Banjo- the CEO and Founder of MyCover.ai- affirmed the company’s commitment towards addressing challenges in the African insurance landscape.
Equally important, Banjo expressed his confidence that the partnership and experience brought in the new alliance will help MyCover.ai achieve its set business objectives.
“We are building the rails that will power the growth and adoption of insurance across Africa and we are delighted to have the support of our new and returning investors whose deep knowledge and extensive expertise in our region will help in accelerating the attainment of our objectives,” the CEO noted.
“The current insurance landscape is in fragments and inefficiencies that hinder distribution and adoption.”
On his part, Dotun Olowoporoku- a General Partner at Ventures Platform commended MyCover.ai for their business model which he noted “takes a collaborative approach and offers a suite of services that cover the entire spectrum of these challenges”, as opposed to just focusing on specific areas of insurance penetration.
According to him, the Insurtech has exuded investor confidence through its vision and operational pedigree.
“We are confident in their vision and operational pedigree and we are excited to support their growth as they continue to empower businesses and individuals through scalable and innovative insurance solutions,” Olowoporoku commented.
Founded in 2021, MyCover.ai has established itself as a one stop shop for insurance solutions in Nigeria by connecting insurance companies and clients.
Through its Application Programming Interface (API), MyCover.ai partners with leading insurance companies to avail their products to clients. So far, MyCover.ai has partnered with lmajor insurers including Allianz, Hygeia, AIICO and Sovereign Trust.
The company’s mission has always been providing “financial security to Africans by improving access to insurance products”. This is essential for the socioeconomic lives of the African population considering the wide range of risks facing the continent on daily basis including health and asset damage.
In addition, insurance is a major form of savings in Africa and thus making the services available is of significance to the population.