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CCHub Syndicate: CCHub Invests in 3 Startups with Valuations over $17M

CCHub Syndicate

CCHub Nigeria has announces it has closed the first round of investments in the CCHub Syndicate, an investment vehicle enabling investors co-invest with as little as US$5000 in startups across Africa.

The CCHub Syndicate has successfully invested in 3 exciting tech startups with valuations of up to US$17 million which are focused on building critical digital infrastructure to be deployed across the continent and sure to become some of the hottest tech companies in 2021.

Their first investment round lasted for six (6) weeks, receiving actionable feedback and since its launch in December, 2020, over 400 investors have signed up to the CCHub Syndicate as well as 30 plus investors have reportedly completed the KYC process and also are committed to investing in the future of the African Innovation and Technology ecosystem.

CCHub Nigeria has indicated that upon closing this round, they are deploying,

“$267,500 in bridge financing into these companies to enable them to achieve critical milestones ahead of their next funding cycle.”

CCHub Syndicate

The CCHub Syndicate first 3 investee companies

  1. Taeillo: Tǽillὸ is a premium Afro-urban furniture and Lifestyle design Brand, offering unique afro-centric contemporary furniture pieces using its E-commerce and social commerce platform that embeds Augmented and Virtual Reality to amplify personalized customer experience.
  2. Oneport 365 Limited: This is a B2B digital freight forwarding platform whose mission is to usher in radical change and enhancing Africa’s participation in global trade by offering simplified, all-inclusive, and transparent freight forwarding services driven by tech.
  3. Stears Business: A digital information company that is making it incredibly possible for anyone, anywhere in the world, access high-quality information on Africa. The startup company collects, structures, analyses and disseminates information to enterprise (Stears Data) and individual customers (Stears Business).
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The Syndicate by CcHUB Nigeria has the goal of accelerating the growth of early-stage ventures delivering value accretive services and products to the African market at scale; with the objective of increasing the number of disruptive and innovative companies with capacity to create impact at scale for the continent by garnering support through their network of investors and partners.

The CCHub Syndicate is basically an investment vehicle open to investment groups, firms and high networth individuals (HNI). The next round of funding will be opened at the end March, 2021.

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Funding

Curacel: Insurtech Startup Secures $450K Pre-seed Funding Led by Atlantica Ventures & Consonance

Curacel

The insurtech startup, Curacel, an AI-powered platform for claims processing and fraud management in Africa, reports that it has raised $450,000 pre-seed funding in a round that was led by Atlantica Ventures and Consonance with participation from Kepple Ventures and other African angel investors.

The new investment will be used to accelerate Curacel’s expansion across Africa and facilitate the goal of becoming Africa’s premier provider of embedded finance technology for insurance.

The insurtech startup already works with some of the biggest insurers on the continent, including AXA Mansard, Liberty Health and Old Mutual, as well as more than 800 hospitals in Nigeria, Ghana, and Uganda. It plans to expand into 10 new African countries by the end of 2021.

Every year, African insurers lose more than $12 billion to fraudulent, wasteful, and abusive claims. Curacel’s flagship CLAIMS platform acts as a bridge between primary care hospitals and Africa’s insurance companies, using advanced artificial intelligence to ensure that insurance companies only pay claims for the correct treatment, appropriate medications and recommended patient therapies. 

Curacel

Curacel is also scheduled to launch Curacel Capital, a cash advance product that makes it easier for healthcare providers to access working capital to mitigate financial challenges. Delayed payments and other inefficiencies in the payment process means many African healthcare providers often have to make the difficult choice between keeping the books balanced or providing healthcare at a loss. With Curacel Capital, healthcare providers can access lump sums of up to three times their average monthly billings, based on claims processed on the Curacel portal, ensuring that they can continue to deliver essential services without undue disruption.

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With insurance penetration at just 2.8% across the continent, many Africans are one accident or health emergency away from poverty. And in Africa’s communal societies, tragedy impacts entire communities, with people emptying their savings to pay for medical expenses, burials or other disaster relief for family members and kin. By leveraging Curacel’s products and services, insurers across the continent are better equipped to close the insurance gap and safeguard prosperity. 

According to Curacel Co-founder and CEO, Henry Mascot, in a press statement said,

“We are excited to have these investors on board and we are looking forward to partnering with them to drive our vision of improving insurance inclusion across Africa.”

At Curacel he shares, they are uniquely positioned to safeguard livelihoods and increase the quality of life through their unique, market-leading products and services. 

IK Kanu, Partner at Atlantica Ventures noted that,

“The African insurance market represents a significant growth opportunity and we are delighted to be partnering with Curacel to drive growth in this sector. There is an opportunity to create an entirely new market of products and services here and we look forward to supporting the team to improve health outcomes across the continent.” 

Finally, Mobolaji Adeoye, the Managing Partner at Consonance adds that they believe the Curacel team has what it takes to be market leaders and are therefore excited to support them. Also stressing that they have a great product and equally delighted to be coming onboard at this early stage of their growth.

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