AlphaDirect, Botswana’s insuretech startup has raised a US$600,000 pre-Series A bridge funding round to help it expand into Zambia and South Africa. The round which was oversubscribed forced its extension to US$600,000 from the initial US$500,000 plan. It was led by Launch Africa Ventures, and also featured Century Oak Capital and some angels from previous rounds. It will be used for expansion into Zambia and South Africa, expansion within Botswana, and other general business purposes.

AlphaDirect was established in 2014 by Arun Iyer and it offers “value-for-money” business and personal insurance products directly to customers.

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The startup has been growing fast, making US$4.8 million in revenues in the last financial year, and is now planning international expansion after securing its latest investment. Having raised a total of US$2.5 million across four seed rounds between 2015 and 2019, it has now taken on a pre-Series A round, which Iyer said was in advance of a Series A round in a few months’ time.

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“It’s a small bridge round en route to a much bigger US$5 million Series A that we plan to close by June 2021,” he said.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry