(Ecofin Agency) - Kenyan insurtech startup Turaco, which distributes life and health insurance products to low-income populations through local organizations and institutions, raised $1.2 million to finance its expansion. Monies were provided by Gan Ventures, Mercy Corps Ventures, Musha Ventures, and a group of angel investors.
The funds raised will be used to expand Turaco's presence in new African markets and to develop partnerships with local companies and institutions in order to facilitate the distribution of insurance products. Turaco, which is present in Kenya and Uganda, has insured about 30,000 users to date.
The company is supporting additional fundraising projects to achieve its objective of insuring 1 billion people over the next few years. Turaco also received support from Catalyst Fund and the start-up incubator, Villgro Kenya in 2018.