Octamile, a Nigerian insurtech startup that helps insurance and non-insurance companies shield African clients from financial loss, has raised US$500,000 in pre-seed funding. EchoVC Partners led the round, which included Fiat Ventures, Kesho VC, Trade X, Verraki Partners, Dale Mathias, Kyle Daley, and other local and international angel investors.
“Insurance is one sector that has the power to elevate the economy, but only about five out of 100 Africans have any form of insurance protection. The industry has lagged in the use of technology to deliver better products and services,” said Gbenro Dara, Octamile’s founder and CEO, who has spent the last decade in top positions at a number of Internet businesses, including Jumia, MyAutoGenius, Hotels.ng, and Cheki.
“Our team has identified key areas where we add value and support the growth of the Insurance ecosystem with data and technology by partnering with traditional insurance businesses and non-insurance businesses.”
Gbenro Dara is Octamile’s founder and CEO
A Look At What Octamile Does
Founded in May this year, the Octamile solution allows non-insurance companies to include insurance as a feature in their existing products, while insurance companies get the data and technology they need to improve customer experience, cut administrative costs, and increase the profitability of their insurance portfolio.
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Octamile describes itself as the “operating system backbone for digital insurance in Africa,” with features such as digital claims, enhanced risk assessment, and embedded insurance APIs.
“Our goal over the next months will be to work closely with our partners, which include AXAMansard, and FirstBank, and onboard the dozens of insurers and startups on the waitlist ready to leverage the power of our solutions,” said Dara.
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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