The JUA Kickstarter Fund, which will provide African entrepreneurs capital to expand their business ventures, has seen the funding amount doubled to $2-million. This addition makes the fund become the biggest African capital venture fund launched by private individuals.
The JUA Kickstarter Fund was launched by Africa’s industrialist, Adam Molai, in November 2020 with US$1 million made available for African entrepreneurs. A further $1-million has since been pledged by US-based angel investing and mentorship firm, Simba Global Startups which brings the total investment amount to US$2 million.
In announcing the additional funding, Adam Molai says the added capital allows the fund to make bigger investments in enterprises as well as fund more businesses on the continent.
“Simba Global Startups has pledged to match, like-for-like, our contributions which is absolutely incredible. This is an example of how Africans can work together to solve the challenges facing the continent. As an African entrepreneur who has experienced the grueling journey of establishing businesses, I firmly believe that Africa’s destiny lies in the hands of Africans.”
He continues that this new addition means it is not foreign investment that will provide Africa with a seat at the global table but domestic investments, a view actually shared by Simba Global Startups. This move is going to benefit the many entrepreneurs and startups who are growing economies across Africa as well as creating jobs.
JUA (JUA Kickstarter Fund), which means Sunrise in KiSwahili is going to provide successful applicants with funds enabling them launch or grow their businesses. They are as well benefiting from mentoring and guidance.
The application process is still ongoing till the 31st of January, 2020, electronically and funds are expected to be disbursed to successful applicants within 12 weeks of their shortlisting.
For the Simba founder and CEO, Dr. Philippe Kisunzu
“Born in the DRC, I am a child of the continent who grew up experiencing the atrocities of its civil wars. These intense challenges nurtured within me a vision for prosperity and hope for the people in my village and community.’
His deepest belief, he added, is that this vision is best attained when entrepreneurs create jobs which are scalable, profitable, sustainable and inclusive. With a JUA-SIMBA investing partnership, he agrees is a once-in-a-lifetime opportunity to play an active role in making this dream a reality.
Two months since it was launched, the JUA Kickstarter Fund has received more than 500 applications across Africa. As you’ll have it, most of the applications so far are from countries like Nigeria, Kenya, South Africa and Zimbabwe. Entrepreneurs from Ghana, Tanzania, Benin, Namibia and eSwatini have also made strong showings.
Curacel: Insurtech Startup Secures $450K Pre-seed Funding Led by Atlantica Ventures & Consonance
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 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 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.
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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