Impact investor Goodwell Investments has successfully concluded an extension round with Inclusivity Solutions, an award-winning insurtech company specializing in embedded insurance solutions. Goodwell, renowned for funding African enterprises providing essential services to low-income populations, initially led Inclusivity Solutions’ Series A funding round in 2019. This latest extension round, which raised a total of USD 1.5 million, underscores Goodwell’s confidence in Inclusivity Solutions’ ability to revolutionize insurance access in emerging markets.
The investment will bolster Inclusivity Solutions’ expansion efforts, which include plans to operate in a minimum of 12 African markets by the end of 2024. Additionally, the company will continue to invest in its highly acclaimed no-code, open-API platform, facilitating the rapid deployment of a wide range of insurance products for distribution partners and insurers within hours.
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Inclusivity Solutions employs technology and strategic partnerships to make affordable insurance accessible to consumers in emerging markets. By integrating straightforward insurance products into platforms and services that consumers already use, they safeguard the lives, health, and businesses of individuals while offering distribution partners, such as mobile operators, banks, and digital platforms, opportunities to attract new customers, retain existing ones, and create new revenue streams.
Goodwell Investments’ Managing Partner, Els Boerhof, expressed their interest in Inclusivity Solutions, stating, “Around the world, including several regions in Africa, access to safe and reliable savings, payments, and loans for underserved groups is finally growing. Yet insurance remains the problem child. Inclusivity Solutions makes insurance easily available and reliable, and thanks to their technology, highly scalable. They are solving an urgent problem, helping people protect themselves from the unforeseen shocks that are often the root cause of poverty and inequality. That is why we invested. In addition, we are pleased to support an organization with a woman at the helm. We don’t see enough funding going there yet.”
The startup serves these underserved populations through partnerships with major African brands, including Britam, FNB, Orange Money, Safaricom, Airtel Africa, and MFS Africa. Alongside its robust technology platform, ASPin, Inclusivity Solutions provides partners with a range of complementary services, including research, product and process design, pricing, analytics, and implementation support.
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Dennis Victor Wafula, Head of Insurance and Investments at Airtel Money, Airtel Africa, commended Inclusivity Solutions, saying, “They are omni-present in all the touch points of my business, a fact that I attribute to their high-caliber workforce. They are agile, sensitive, responsive, and have been extremely helpful not only in technology but other aspects of the business. Inclusivity’s 360-degree view of the business is fantastic. Choosing them as a partner is a decision I will take pride in for a very long time.”
With this fresh injection of capital, Inclusivity Solutions aims to expand its partner network further to meet the needs of more individuals and small businesses across the African continent. Indira Gopalakrishna, CEO of Inclusivity Solutions, emphasized the importance of this investment, stating, “We are thrilled to secure this extension round from Goodwell Investments. It is a validation of the pressing need to close the protection gap across the continent and the work Inclusivity Solutions is doing to address this challenge. We already serve over two million customers in eight African markets. The fresh infusion of funds will enable us to serve millions more customers, across new and existing markets.”
Goodwell Investments is an impactful investment firm focused on inclusive growth, providing early-stage equity to high-growth, high-impact businesses delivering essential goods and services to underserved communities in Africa and India. With a presence in Kenya, Nigeria, South Africa, and the Netherlands, and a track record of over fifteen years, Goodwell demonstrates the ability to simultaneously deliver significant social impact and strong financial returns.
Inclusivity Solutions is an inclusive insurtech recognized as one of the “Inclusive Fintech 50” globally, delivering embedded insurance solutions for emerging Africa by leveraging cutting-edge technology and open APIs.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard