Susu, based in the Ivory Coast and France, has raised $1 million in pre-seed capital to provide affordable and accessible insurance services to its consumers in the Ivory Coast, Senegal, and Cameroon. The majority of the funds came from angel investors, but the company also received $1.2 million in loan and grant funding from BPI France, the French government’s public investment bank.
“My father died in 2017 after he had a heart issue in Benin and could not be saved. The health issue was a complication from his hypertension that was poorly managed,” Bardet said in a statement. “At that moment, I was finishing my MBA at HEC Paris and the goal I set for myself was to try to prevent that happening to other people, maybe that will be something good that I can do in my life. So that’s how the story started.”
Susu plans to use its new funding to expand its team and deliver new features. Bardet also stated that the company would expand its services to six more African countries, including Nigeria and Ghana.
Why The Investor Invested
Since its inception, the company has gained significant traction. The product appears to have struck a chord with the company’s 5,000-strong customer base, which increased by 5 times last year. Revenue surged by more than 400 percent in 2021, according to the business.
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“I have been following Susu since the beginning of the project. And I see its huge potential, focused on building a solution to provide access to affordable healthcare in Africa through technology,” said Christopher Neves, one of Susu’s angel investors who boasts of several years of experience in the insurance industry.
A Look At What The Startup Does
After losing her father to difficulties from a chronic health issue owing to poor management, Bola Bardet (after important spells at a luxury firm and JP Morgan) founded the company in 2019 with Laurent Leconte (CTO) and Sandrine Egron (COO).
Susu provides care packages or bundles to patients with chronic diseases such as diabetes and hypertension, as well as pregnant women, who require close monitoring and preventative guidance in order to live their best lives with their ailments.
In addition to allowing patients to finance their bills, Susu proposes a collective financing solution where family members living locally or in the diaspora can also help patients finance their monthly subscription fees via care bundles. Care bundles are basically medical calendars composed of doctor consultations, nurse visits, medical advice sent by SMS and a combination of other medical activities for patients.
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Susu also proposes a community financing option in which family members living locally or in the diaspora can help patients pay their monthly subscription costs via care bundles in addition to allowing patients to finance their expenses. Care packages are essentially medical calendars that include doctor appointments, nurse visits, SMS medical advice, and a variety of other medical activities for patients.
“A survey we carried out proved that family members are used to helping and supporting sick family relatives, and they are willing to do so. So it’s something that is already done today, let’s say informally in our countries,” said the chief executive on the company’s strategy to allow family members of patients to pay for the healthcare of their loved ones. “So these are the possibilities that are offered and we are today contemplating the possibility of having NGOs or government-funded programs contribute to the bundles, but it’s long term.”
Susu is up against new competition in the form of startups like Fleri, which is sponsored by Techstars. The company, which is situated in the United States, allows immigrants to send money directly to their families in their native country. Susu’s approach, on the other hand, is quite distinctive, according to Bardet. According to her, the company focuses entirely on insurance, rather than a variety of services, and offers a financial safety net for individuals who cannot otherwise afford it.
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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