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Monday, October 30, 2023

Goodwell leads $1.5 million extension round for South Africa’s insurtech Inclusivity Solutions

Impact investor Goodwell Investments ↗ has led the completion of an extension round into South African insurtech Inclusivity Solutions ↗, to support its expansion plans, including its ambition to operate in at least 12 African markets by the end of 2024.

The company will also continue to invest in its highly acclaimed no-code, open-API platform which enables distribution partners and insurers to offer a full range of insurance products in a matter of hours.

With the new extension round – totaling USD 1.5 million – Goodwell is reasserting its confidence in Inclusivity Solutions’ ability to transform access to insurance in emerging markets. Goodwell initially led Inclusivity Solutions’ Series A round in 2019. With the latest influx of capital, Inclusivity Solutions looks forward to welcoming a wider range of partners to meet the needs of more individuals and small businesses across the African continent.

“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,” said Indira Gopalakrishna, CEO of Inclusivity Solutions. “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.”

Inclusivity Solutions leverages technology and partnerships to make appropriate and affordable insurance accessible to consumers in emerging markets. By embedding simple insurance products into platforms and services that consumers already use, they safeguard lives, health and businesses of consumers whilst simultaneously offering distribution partners such as mobile operators, banks and digital platforms, the opportunity to attract new customers, retain existing customers and drive new revenue streams.

Inclusivity Solutions reaches these underserved audiences via a network of partnerships with some of Africa’s leading brands, including Britam, FNB, Orange Money, Safaricom, Airtel Africa and MFS Africa. Besides ASPin, its robust yet flexible technology platform, Inclusivity Solutions offers its partners a wide range of complementary services, including research, product and process design, pricing, analytics and implementation support.

This approach is precisely what attracted the attention of Goodwell Investments, says Managing Partner Els Boerhof, commenting: “Around the world, including in several regions in Africa, access to safe and reliable savings, payments and loans for un(der)served 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.

Kaylie Pferten
Kaylie Pferten
A pilot of submersible crafts in a former life, now married to my husband David and writing about investment advice.

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