Grace Ashiru
To expand its insurance service throughout Africa, Kenya-based Lami Technologies, a firm that develops insurance technology, successfully acquired seed capital totaling $ 3.7 million.
Harlem Capital, an early-stage venture capital firm, took the initiative to spearhead the extension.
Peter Bruce -Clar, Newtown Partners, Jay Weintraub of InsureTech Connect, and Caribou Honig, along with senior members of Exotix Advisory, also participated in the round of funding.
Lami Technologies was established in 2018 to resolve the problem of low insurance penetration in Africa, which is a direct result of the slow rate of innovation in the business, which has forced the region to deal with sluggish and outmoded paper-based methods.
According to Jihan Abass, Chief Executive Officer and founder of Lami, the additional cash would be put toward the growth of the company’s business, as well as the creation of new products and technologies, and the company’s entry into new countries, such as Uganda, Nigeria, and Egypt.
We are pleased to have found the appropriate partners to promote insurance usage in Africa, and Lami is a pioneer in the insurance sector regarding the use of new technologies. Abbas continued by saying that we want to facilitate easy access to insurance for all people on the continent and will continue to announce new solutions to assist this objective.
The goal of Lami is to close the gap between the two by employing technologies that lower the cost of insurance and using premiums that are “bite-sized.”
As an illustration, as a direct result of the company’s collaboration with the new venture in the field of logistics known as Sendy, the business established a policy that protects things on each trip and has premiums beginning at $0.21 for goods that are worth $85.00.
In a time when finance for female-led firms in Africa is still pitiful compared to that available for their male counterparts, female entrepreneurs are encouraged that brighter times are on the horizon due to the increased investment in Lami.
