Nigerian Insurtech Startup Curacel Secures $450k Pre-seed Funding

Curacel, a Lagos-based AI-powered platform for claims processing and fraud management in Africa has raised $450,000 in pre-seed funding which would help the company to achieve its aim of being Africa’s leading provider of embedded finance technology for insurance.

Curacel Co-founder and CEO, Henry Ifeanyi Mascot
Curacel Co-founder and CEO, Henry Ifeanyi Mascot

“We are excited to have these investors on board and we are looking forward to partnering with them to drive our vision of improving insurance inclusion across Africa. At Curacel, we are uniquely positioned to safeguard livelihoods and increase the quality of life through our unique, market-leading products and services,” Curacel Co-founder and CEO, Henry Ifeanyi Mascot said. 

Here Is What You Need To Know

  • This round of investment was led by Atlantica Ventures and Consonance with participation from Kepple Ventures and other African angel investors.
  • Curacel’s expansion across Africa will be aided by the latest funding. 
  • Curacel also plans to launch Curacel Money, a cash advance programme that will make it easier for healthcare providers to access working capital to help them deal with financial difficulties.

Why The Investors Invested

Co-founded in 2019 by former Global Head — Technology, Media & Telecom Group at the IFC, Aniko Szigetvari, Atlantica Ventures is a VC based in Washington DC, United States. In January 29, it led a $20 million Series B round in Kenyan logistics startup Sendy. ‘‘We are searching for the next generation of African entrepreneurs,’’ the VC notes on its website. “We are investors that provide capital to early stage companies in addition to growth support, guided by our decades of experience and global relationships.’’

“The African insurance market represents a significant growth opportunity and we are delighted to be partnering with Curacel to drive growth in this sector. There is an opportunity to create an entirely new market of products and services here and we look forward to supporting the team to improve health outcomes across the continent,” said IK Kanu, Partner at Atlantica Ventures. 

For its part, investor Consonance Investment Managers has been very active on the African startup scene. Headquatered in Mauritius, but operating from Lagos, its notable investments include its $2 million co-investment in Ethiopian edtech startup Gebeya; its $1 million participation in the Nigerian healthtech company Lifestore in February this year; its co-funding in another Nigerian startup VerifyMe. Other notable startups on its portfolio include MDaas Global; She Leads Africa; Curacel, among others.

“We believe the Curacel team has what it takes to be market leaders and we are excited to support them. They have a great product and we are delighted to be coming on board at this early stage,” Mobolaji Adeoye, Managing Partner at Consonance added.

Japanese VC Kepple Africa Ventures, active since 2019, has invested in car listing platform AutoChek, Kenya’s UTU Tech, among others. 

Read also: Japanese Venture Capital Firm Uncovered Fund Launches New $15m Fund For African Startups

A Look At What Curacel Does

Founded in 2017 by Henry Ifeanyi Mascot, Curacel’s AI-powered platform enables insurers to automate claims seamlessly and also track fraud, waste and abuse (FWA). AXA Mansard, Liberty Health, and Old Mutual are among the insurtech startup’s clients, as are more than 800 hospitals in Nigeria, Ghana, and Uganda. By the end of 2021, it aims to grow into ten new African countries.
African insurers lose over $12 billion per year due to fraudulent, inefficient, and abusive claims.

Curacel’s flagship CLAIMS platform serves as a link between primary care hospitals and Africa’s insurance providers, using advanced artificial intelligence to ensure that insurance companies only fund claims for necessary services, drugs, and patient therapies.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer