Kenyan Insurtech Lami has raised $3.7M in a SEED extension round to fast-track its expansion plans.
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Insurtech Lami Technologies has raised $3.7M in a SEED extension round led by Harlem Capital with participation from VC firm Newtown Partners, and notable angel investors. With its entry into the market in January 2020, the startup has built and distributed an end-to-end digital insurance platform and API that allows businesses in different sectors to create tailored insurance solutions for their customers. The extension round brings the total SEED funding to $5.5M.
The FinTech sector across EVMs crossed the $1Bn mark in the first half of this year and has been evolving continuously to offer solutions that traverse payment methods, credit solutions, digital investments and has also been playing a major part in the insurance sector. Startups are now facilitating insurance for healthcare providers as well as digital platforms especially in the African region, as seen in our Africa H1 2022 Venture Investment Report. This year, Nigeria-based InsurTech Reliance Health ($40M Series B) and ETAP, a startup helping claim car insurance, have raised sizable investments to make insurance more accessible and affordable for people in the African region.
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The startup’s API allows entities like banks to offer digital insurance products to their customers. Lami has also integrated its API with over 15 entities in various sectors, including logistics, e-commerce, banking and fintech. Lami anticipates more growth opportunities with additional partnerships from tech-enabled businesses and as more insurance companies digitize. “On the technology side we want to cater to the entire insurance ecosystem. So, it’s not only the digital platforms that want to sell insurance products, but also to help existing players be more efficient in their distribution of products, allowing them to play a role in increasing the insurance penetration level. This includes agents and brokers , we are looking into how we can empower them to sell more policies.” said Lami’s founder and CEO Jihan Abass.
The fund will be used to hire, fast-track its expansion plans, and to drive underwriter partnerships. The startup has also announced plans to offer additional insurance product lines, after making an entry into Egypt and Nigeria. Harlem Capital principal Gabby Cazeau also commented, “We believe the next wave of fintech will embed financial products and services like insurance into a customer’s purchase experience. Lami’s approach to serving people through strategic partners in e-commerce and finance is the best way to build trust with users and deliver insurance in a seamless, accessible way to Africans across the continent.”
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