The seed round was led by Novastar Ventures, and other participants notably, Musha Ventures, Zephyr Acorn, Mercy Corps Ventures, and GAN Ventures, alongside other pre-existing angel investors. The new funding round comes in the wake of the company closing a US$1.2 million in seed capital round last year.
Turaco currently operates in Kenya and Uganda and offers life and health insurance products in a partnership basis. Their offering runs on a subscription model where customers can opt for automatic medical policy renewals.
Turaco is an insurtech company transforming healthcare by revolutionizing insurance in Kenya. The startup was initially supported by GAN Ventures and Mercy Corps. The startup believes that micro insurance is the best way of expanding insurance coverage to the masses.
Thus far, Turaco claims to have insured over 70,000 people and closed over 2000 payments in a record payment schedule of 3 working days at max. The insuretech has plans of scaling this progress after having secured a US$2 million in seed investment.