Participated · Seed · Feb 2023

Curacel, founded in 2019 by Henry Mascot and John Dada, builds APIs that let insurers connect with digital distribution channels and automate claims administration. The company offers two core products: Grow, an embedded insurance distribution product used by over 100 companies across eight African markets, and an AI-powered claims automation platform used by about 20 insurance partners. Curacel works with more than 5,000 service providers and says it has processed over $100 million in claims since inception. Last year the startup reported a 600% increase in transaction volume and a 500% increase in revenue. Its revenue model includes annual fees for claim processing and fraud detection, take rates on premiums, and charges for API usage. The firm plans to add underwriting and insurance payment services to its APIs and is expanding into North Africa as a step toward serving businesses beyond Africa. Curacel is a Lagos-based insurtech founded in 2017 that provides an AI-powered platform for claims processing and fraud management across Africa. Its platform connects primary care hospitals and insurance companies, using AI to verify treatments, medications, and recommended therapies to reduce fraudulent and abusive claims. Curacel has worked with large insurers including Liberty Health and Old Mutual. The company plans to expand into 10 additional African countries by the end of this year and to launch Curacel Capital, a cash-advance product that lets healthcare providers access lump sums of up to three times their average monthly billings through the Curacel portal. Curacel raised $450,000 in a pre-seed funding round that will be used to expand its African footprint and for product development. CEO Henry Mascot said the funding will help drive insurance inclusion and improve health outcomes across the continent.