Lami Technologies, a startup insurance technology company that provides insurance products to the lower income group in Kenya, has raised US$1.8-million from investors led by Accion Venture Lab. The company was established in 2018 by Jihan Abass and allows its customers to get insurance quotations for medical insurance, vehicle insurance as well as other short-term insurance products within the Kenyan insurance sector. The company has provided more 5,000 insurance policies with underwriters such as Britam and Madison Insurance.
Accion Venture Lab is a venture capital fund that provides capital and support to innovative and scalable fintech startups since its inception in 2010 and is backed by impact investors and other limited partners. The fund is able to invest up to US$500,000 and has exposure to startups in both the developed and the emerging market segment.