Kenya’s Insurtech Startup Lami raises $1.8m Seed Fund

Kenya-based Insurtech startup Lami has announced it raised $1.8million in seed funding round led by Accion Venture Lab with participation from AAIC, Consonance, P1 Ventures, Acuity Ventures, The Continent Venture Partners, and Future Africa, to enhance the capabilities of its offering and expand across Africa.

Lami was created by Jihan Abass in 2018; the startup is a digital insurance platform that enables B2B and B2B2C insurance services for banks, tech companies, and other entities.

Note that earlier this year, Lami was chosen by Catalyst Fund as part of the eighth cohort of its inclusive Fintech accelerator.

Through its API, Lami enables users to get a quotation for tailored insurance products in seconds, customizes the benefits and adjusts the premium to suit customers’ needs, gets their policy documents instantly, and claims are paid promptly.

Abass speaking on the funding said that the investment will be used to enhance the capabilities of Lami’s digital insurance platform, to better support low-income employees in Africa, and expand the company’s presence in Africa.

“This funding will allow us to invest in hiring more people, improving our technology, and growing our presence across Africa as we can continue to address the persistent insurance gap. At Lami, our vision is to help improve the financial resilience of millions by making insurance products more accessible and affordable for underserved populations. By enabling our business partners to offer customized insurance solutions, we are helping them provide more value to their customers while enabling large volumes of users to access insurance, often for the first time” Abass said.

Since 2018, Lami has partnered with more than 25 active underwriters, including Britam, Pioneer, and Madison Insurance. The startup aims to use the investment to continue diversifying its business by looking for new partners and building on its core technology.