Startup led by Nigerian entrepreneur Adebowale Banjo raises $1.25 million in pre-seed funding

MyCover.ai, a Lagos-based insurtech startup led by Nigerian entrepreneur Adebowale Banjo, has successfully secured $1.25 million in a pre-seed funding round.

The investment was led by Pan-African venture capital fund Ventures Platform, with participation from Founders Factory Africa and follow-on investor Techstars.

The recent funding injection marks a significant milestone for MyCover.ai, founded in 2021 by Banjo, an experienced executive in business development.

The insurtech startup is dedicated to tackling the challenges prevalent in the African insurance market, such as limited access, inadequate coverage, unaffordable insurance products, and a lackluster customer experience.

With the substantial capital from investors, MyCover.ai is poised to propel its growth trajectory. The funds will be channeled towards enhancing operations and recruiting top tech talent.

The firm also plans to invest significantly in proprietary technology and strategically expand its services into other African markets.

“We are building the rails that will power the growth and adoption of insurance across Africa, and we are delighted to have the support of our new and returning investors whose deep knowledge and extensive expertise in our region will help accelerate the attainment of our objectives,” stated Banjo, CEO and co-founder of MyCover.ai.

Dotun Olowoporoku, general partner at Ventures Platform, expressed enthusiasm about the potential impact of MyCover.ai in reshaping the insurance landscape in Nigeria and beyond. He commended the company’s comprehensive approach to address the full spectrum of challenges in insurance penetration among the underserved.

Since its inception, MyCover.ai, under Adebowale Banjo’s leadership, has rapidly established itself as a trailblazer in innovative insurance solutions.

With more than $1 million in gross written premiums and strong partnerships with leading insurance providers in Nigeria, the insurtech platform has demonstrated its commitment to making insurance accessible and user-friendly.

Presently, MyCover.ai is engaged in discussions with approximately 50 other distributors in its pipeline. The firm has already processed over 50,000 policies, catering to the needs of more than 30,000 end users.