Turaco, the Kenya based insurtech, has raised US$10-million in a funding round led by AfricInvest. Other participating investors were Novastar Ventures, Enza Capital, Global Partnerships, Zephyr Acorn, Operator Stack, ASI Ventures and Push Ventures. Turaco is a fintech insurance provider that is based in Kenya and has partnered with companies such as M-Kopa and Safeboda, thus providing insurance to customers who have never used insurance products. Turaco allows businesses to bundle insurance with their core products or services which improves the quality of the service to the end-user. The stake acquired was not disclosed.
AfricInvest, part of the Integra Group (based in Tunisia) was established in 1994 and is known as one of the most experienced private equity investors on the African continent. AfricInvest has over US$1.5 billion in funds under management across 18 funds with support from both local and international investors including leading development finance institutions in the United States and Europe.
Having co-founded the African Venture Capital Association (AVCA), the Middle East North Africa Private Equity Association (MENAPEA) as well as the Euromed Capital Forum, the firm is an active promotor of the private equity industry in Africa.