Startup Lagos

04-Nov-2023

Industry Insights

Goodwell Investments Leads Funding Round for Inclusivity Solutions' African Expansion 6 months ago

Goodwell Investments has taken the lead in a funding round to support the expansion plans of South African insurtech firm Inclusivity Solutions. The investment is aimed at helping Inclusivity Solutions achieve its ambitious goal of operating in a minimum of 12 African markets by the end of 2024.

This extension round, which has raised a total of $1.5 million, signifies Goodwell's strong belief in Inclusivity Solutions' potential to revolutionize access to insurance in emerging markets. Goodwell had previously spearheaded Inclusivity Solutions' Series A round in 2019. With this latest injection of capital, Inclusivity Solutions is set to welcome a wider array of partners to cater to the needs of individuals and small businesses throughout the African continent.

Inclusivity Solutions has gained recognition for its innovative no-code, open-API platform, which empowers distribution partners and insurers to offer a comprehensive range of insurance products within hours. This technology-driven approach has enabled the company to serve over two million customers in eight African markets, and the fresh funding infusion will enable it to expand its reach to millions more customers across both new and existing markets.

CEO of Inclusivity Solutions, Indira Gopalakrishna, expressed her excitement about the extension round, stating, "We are thrilled to secure this extension round from Goodwell Investments. It is a validation of the pressing need to close the protection gap across the continent and the work Inclusivity Solutions is doing to address this challenge."

Inclusivity Solutions leverages technology and strategic partnerships to make affordable insurance accessible to consumers in emerging markets. By integrating simple insurance products into platforms and services that consumers already use, the company not only protects the lives, health, and businesses of consumers but also provides distribution partners like mobile operators, banks, and digital platforms with the opportunity to attract new customers and generate new revenue streams.

Inclusivity Solutions has built a robust yet flexible technology platform, known as ASPin, and offers a wide range of supplementary services to its partners, including research, product and process design, pricing, analytics, and implementation support. The company has established partnerships with leading African brands such as Britam, FNB, Orange Money, Safaricom, Airtel Africa, and MFS Africa.

Managing Partner of Goodwell Investments, Els Boerhof, highlighted the company's decision to invest in Inclusivity Solutions, saying, "Around the world, including in several regions in Africa, access to safe and reliable savings, payments, and loans for underserved groups is finally growing. Yet insurance remains the problem child. Inclusivity Solutions makes insurance easily available and reliable, and thanks to their technology, highly scalable. They are solving an urgent problem, helping people protect themselves from the unforeseen shocks that are often the root cause of poverty and inequality. That is why we invested. In addition, we are pleased to support an organization with a woman at the helm. We don't see enough funding going there yet."

The investment by Goodwell Investments reaffirms the growing importance of insurtech in addressing critical issues and gaps in insurance accessibility in emerging markets, making strides toward financial inclusion and economic stability.

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