Cassava has raised $4 million to expand its microinsurance digital platform, making it the largest pre-seed round for an African insurtech company and the second-largest for a Nigerian startup after Nestcoin.
Nestcoin recently received $6.45 million in funding to help with customer acquisition and growth, as well as the development of the product and technology stack.
Target Global, based in Berlin, led the Cassava funding round, which included foreign venture capitalists (VCs) and angel investors such as Entrée Capital, Oliver Jung, Tom Blomfield, Ed Robinson, and Brandon Krieg.
Providing low-cost insurance
“Our mission is to provide affordable insurance to Nigerians and other Africans, and we are thrilled to have raised these funds from such a diverse group of investors.”
“With less than 1% of the country insured, Nigeria (and Africa) is a largely untapped insurance market.”
According to Reports, Cassava founder and CEO Bode Pedro stated, “We want to address the barriers that hinder adoption and add value to consumers across the country.”
Pedro and his team were commended by Ricardo Schäfer, a partner at Target Global, for recognizing an opportunity to address long-standing problems for many Nigerians and Africans.
“We are thrilled to be a part of their mission to make insurance more affordable.” Cassava has the potential to change the lives and livelihoods of millions of people, according to Schafer.
“The Cassava team has developed a unique and disruptive product that we believe has the potential to transform Africa’s insurance market,” says Avi Eyal, General Partner at Entrée Capital.
