MyCover.AI Secures $1.25M Pre-Seed Funding
Ventures Platform Led the Funding Round, Accompanied by Participation from Founders Factory Africa and TechStars
Funding Round Info:
MyCover.ai, an insurtech startup headquartered in Lagos, Nigeria, successfully secured $1.25M in Pre-Seed funding. Ventures Platform led the funding round, accompanied by participation from Founders Factory Africa and TechStars. The capital injection will be utilized to strengthen the company's internal operations and attract top tech talent. Moreover, it aims to further develop its cutting-edge proprietary technology and strategically extend its presence to other African markets.
About MyCover.AI:
MyCover.ai, led by CEO Adebowale Banjo, CPO Alexander Igwe, and CTO Fred Ebho, is an insurtech platform aimed at revolutionizing insurance in Africa. The company empowers businesses and innovators to seamlessly incorporate and distribute insurance products across the continent. By embedding policies into popular products and services, MyCover.ai is transforming how Africans interact with insurance. Additionally, the platform streamlines claims processes for both insurance companies and users, enhancing the overall insurance experience. MyCover.ai offers an open insurance API that seamlessly integrates with insurance providers like Hygeia, Leadway, Sovereign Trust, AIICO Insurance, and Allianz. With access to over 30 personalized insurance products, other businesses and innovators can effortlessly integrate these offerings into their own platforms.
About Ventures Platform:
Ventures Platform Fund specializes in early investments in mission-driven founders who develop capital-efficient platforms with the aim to democratize prosperity, address infrastructural gaps, connect underrepresented communities, tackle non-consumption, and enhance livelihoods in Africa.
About Founders Factory Africa:
Founders Factory Africa (FFA) is a pan-African venture development company that designs, builds, and scales tech-enabled businesses across Africa. Their vision is to contribute to building a thriving African startup economy, driving prosperity across the continent. Their mission is to build the most powerful startup growth engine and deliver large commercial and impact returns to our investors. Launched in 2018 and headquartered in Johannesburg, South Africa, FFA is backed by leading corporations, including Standard Bank Group and Netcare Group.
About TechStars:
Established in 2006, Techstars is a Colorado-based accelerator that prioritizes investments in various sectors, including business products, business services, consumer products, consumer services, financial services, energy, healthcare, information technology, software as a service, mobile, big data, internet of things, e-commerce, 3D printing, advanced manufacturing, augmented reality, B2B payments, beauty, esports, virtual reality, cybersecurity, impact investing, infrastructure, artificial intelligence, machine learning, and technology-based fields. The firm focuses its investments in the United States, Canada, America, Asia, Africa, the Middle East, Oceania, and the United Kingdom.