- Nigeria insuretech startup, Curacel, has raised $3 million in a Series funding round.
- The company provides clients with a claims management and distribution platform that employs AI and data analytics to detect fraudulent claims, improve claims processing, and reduce costs.
- The new funding will help Curacel expand its operations in new markets and launch new products.
Curacel, an insuretech startup based in Nigeria, has raised $3 million in seed funding and plans to expand its services into North Africa.
According to a TechCrunch report, the company already services clients in eight African nations including, Nigeria, Ghana, Kenya, Uganda, Tanzania, Rwanda, Morocco and Egypt. Some of its notable clients include ALAT, Providus, PalmPay, Float, AXA Mansard, Old Mutual and Jubilee Insurance.
Curacel is helping insurance companies and other fintechs to reduce loss of premiums due to fraud, waste and abuse. It does this by integrating its distribution and claims automation platforms with their services.
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The startup is also looking forward to adding underwriting and insurance payment services to its offerings through its APIs.
In the seed round, there were several popular companies backing the startup such as Tencent, Blue Point Capital Partners, Pioneer Fund, Olive Tree Capital, Y Combinator and AAF Management and Elefund. Also, individual investors that took part included Fitbit CEO James Park, Flutterwave CEO Olugbenga Agboola and Kuda CEO Babs Ogundeyi.
In an interview, Curacel co-founder Henry Mascot claimed that its technology and artificial intelligence-powered infrastructure helped its clients increase speed of claims processing, doing ten times more than they previously processed.
The startup faces competition from Nairobi-based Lami and South Africa’s N***d, who offers similar services. Curacel had raised $500,000 seed from Y Combinator in May 2022, according to Crunchbase.
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