Nairobi-based Insurtech firm Lami Technologies has finalized a $3.7 million seed extension in order to expand business operations across Africa.
The firm’s management noted that the investment round was led by early-stage VC company Harlem Capital along with contributions from Newtown Partners; Peter Bruce-Clark, a partner at Social Impact Capital; Caribou Honig and Jay Weintraub from InsureTech Connect. Senior members from Exotix Advisory made contributions to the round as well.
This latest funding round follows last year’s $1.8 million raise by the firm.
Lami founder and Chief Executive Jihan Abass said the additional capital will be directed towards ongoing business development, product and tech development, as well as expansion to other nations such as Egypt, Nigeria, and Uganda.
Lami also confirmed that they’ve appointed their current CFO, Roy Perlot, as a company co-founder. Perlot has been with the Insurtech firm for the past two years.
As reported by local sources, Lami Technologies was established back in 2018 in order to address the issue of relatively low insurance services uptake across Africa by leveraging the latest tech. The firm provides insurance products via its API platform.
“Lami is pioneering innovation in the insurance sector, and we are glad to have secured the right partners to help drive insurance uptake across Africa. We are looking to make insurance easily accessible to everyone on the continent, and we will continually be unveiling more products that confirm this resolve.”
Harlem Capital noted they became interested in Lami because of its wide market scope and innovative approach to growth.
Harlem Capital Principal Gabby Cazeau added:
“We believe the next wave of fintech will embed financial products and services like insurance into a customer’s purchase experience. Lami’s approach to serving people through strategic partners in ecommerce and finance is the best way to build trust with users and deliver insurance in a seamless, accessible way to Africans across the continent. Lami’s impressive growth to date shows that this resonates with customers and have a strong trajectory as they expand across the continent.”