Turaco is a Kenya-based insurtech that distributes white-labeled life, asset, medical and vehicle insurance via a B2B2C model and API integrations. It partners with PayGo firms (e.g., M-KOPA), ride-hailing platforms (SafeBoda), fintechs and microfinance institutions to bundle insurance into core products. Policies can be sold from as low as $0.2 and the company reports over half a million customers, 268,000 of whom are active, with user growth of 300% since 2020. Turaco operates in Kenya, Uganda and Nigeria and says its distribution-driven approach produces conversion rates north of 50% in its partnerships. The company is in a growth phase and is pursuing more partnerships and large-brand collaborations to scale adoption. Co-founder and CEO Ted Pantone has articulated a long-term ambition to insure one billion people over 25 years and an intermediate goal of 100 million. Turaco provides affordable health and life microinsurance, with packages available for as little as R31.41 (~$2) on flexible monthly payment plans. The company is operational in Kenya and Uganda and claims to have insured over 70,000 individuals and paid nearly 2,000 claims with an average turnaround under three working days. Turaco partners with local businesses to design and distribute products and aims to expand distribution across Sub‑Saharan Africa. The startup plans to use new funding to upscale operations, develop proprietary technology, and create employment as it grows. Turaco’s leadership has articulated a long-term vision to insure a billion people over the next 25 years. Launched in 2008, Turaco offers life and health insurance products with monthly premiums as low as $2, distributed via partnerships with local companies and mobile lending organisations. The company uses a subscription model that enables consumers to opt in for automated medical policy renewals bundled with existing payments. Turaco says it has insured more than 30,000 users in Kenya and Uganda. It maintains offices in Nairobi and Atlanta and was founded by Ted Pantone and Peter Gross. Previously the startup received non-equity accelerator support of roughly $50,000–$60,000 from the Catalyst Fund and a $40,000 grant from Villgro Kenya. Turaco plans to use new funding to scale operations across Africa, cement presence in new markets, and further develop pilots and partnerships with businesses and fintech companies, targeting entry into one or two new East and West African markets next year.

Total raised

$13M

Funding rounds

3

Latest round

Series A

Latest activity

Sep 2022