SA insurtech Inclusivity Solutions nets $1.3m in second tranche of Series-A round [Updated]

Cape Town based insurtech startup Inclusivity Solutions has secured a $1.3-million investment in the second tranche of its Series-A round, the startup announced in a statement today.

Inclusivity Solutions, which was founded in 2015 by CEO Jeremy Leach (pictured above), designs, builds and operates inclusive digital insurance solutions.

The current investment came from Goodwell Investments,  SA Umkhathi Wethu Ventures (UW Ventures) in partnership with Allan Gray, and fintech MFS Africa.

The latest investment brings the startup’s total Series-A round to $2.6-million (see this story).

The latest investment in Inclusivity Solutions brings the startup’s total Series-A round to $2.6m

In the initial announcement of the first tranche, Inclusivity Solutions said it had raised $1.56-million, which if summed with the $1.3-million from the second tranche comes to a figure higher than $2.6-million.

Commenting on this to Ventureburn, Inclusivity Solution’s head of marketing Sharon Robinson noted that the discrepancy had resulted as $200 000 from first round “was pushed to the second round”.

Inclusivity Solutions said it has so far launched digital insurance initiatives in Cote d’Ivoire, Rwanda and Kenya, in partnership with Orange, Airtel and Equity Bank’s Equitel respectively.

It said collectively a range of hospital cash and simple life products have provided protection to more than 700 000 people.

The investment, it said, will be used to deepen the company’s footprint within its existing markets, support further international expansion as well as accelerate innovation in the backbone technology platform, ASPin, which underpins the three existing products.

Commenting on the investment in the same statement, Dare Okoudjou, founder and CEO of MFS Africa said he’d known the Inclusivity Solutions team for many years.

He added that as players in the fintech space his startup, has had the opportunity to collaborate with the startup on what he called a few “exciting opportunities”.

MFS Africa’s investment was made through MFS Africa Frontiers, a vehicle dedicated to exploring Frontier opportunities in the greater fintech ecosystem.

Read more: SA insurtech Inclusivity Solutions nets $1.5m in round led by Goodwell Investments [Updated]
Read more: Nine African fintech startups selected for Catapult: Inclusion Africa bootcamp

Editor’s note (27 May 2020): In the initial announcement of the first tranche, Inclusivity Solutions said it had raised $1.56-million, which if summed with the $1.3-million from the second tranche comes to a figure higher than $2.6-million.

Commenting on this to Ventureburn, Inclusivity Solution’s head of marketing Sharon Robinson noted that the discrepancy had resulted as $200 000 from first round “was pushed to the second round”.

Featured image: Inclusivity Solutions CEO Jeremy Leach (LinkedIn)