Nigerian insurtech startup Curacel raises $450k pre-seed round

Nigerian insurtech startup Curacel raises $450k pre-seed round

Lagos-based insurtech startup Curacel raised a $450 000 pre-seed funding round for its AI-powered platform which enables insurers to seamlessly automate claims, as well as track fraud, waste and abuse.

The round was led by by Atlantica Ventures and Consonance with participation from Kepple Ventures and other African angel investors.

The startup -- which was founded in 2017 by CEO Henry Mascot and CTO John Dada -- works with over 10 insurance companies across the continent, including AXA Mansard, Old Mutual, To-tal Health Trust, Hallmark HMO, and UAP. Curacel claims on its website that it has helped its clients reduce fraud, waste and abuse claims payouts by up to 25% and saved a total of $320 000, with over 700 000 claims processed.

Curacel will use the investment to expand to 10 new African countries by the end of the year. The startup is also looking to launch Curacel Capital, a cash advance product that makes it easier for healthcare providers to access working capital to mitigate financial challenges.