Grace Ashiru
MyCover.ai, a Nigerian insurtech startup, has raised a pre-seed funding round worth US$1.25 million. The funding round was spearheaded by Ventures Platform, with additional participation from Founders Factory Africa and Techstars.
Established in 2021, MyCover.ai is committed to addressing the issues plaguing the African insurance industry, such as limited access, inadequate coverage, high insurance costs, and poor customer experiences in insurance dealings.
MyCover.ai provides more than 30 customized insurance products through an open insurance API that collaborates with leading insurance providers such as Hygeia, Leadway, Sovereign Trust, AIICO Insurance, and Allianz. This open insurance API allows other businesses and innovators to incorporate these products into their platforms.
Having achieved over US$1 million in gross written premiums and secured robust agreements with leading insurance companies in Nigeria, MyCover.ai has positioned itself as a trailblazer in offering innovative insurance solutions since its inception.
Adebowale Banjo, the CEO and co-founder of MyCover.ai, said, “We are building the infrastructure that will stimulate the expansion and acceptance of insurance throughout Africa. We are thrilled to have the backing of our new and existing investors, whose profound understanding and considerable proficiency in our region will help hasten the realization of our goals.”
The company will effectively utilize the additional funding to fortify its internal operations and technical competencies. The startup also plans to invest significantly in its own technology and strategically broaden its operations into other African markets.
