Curacel, an artificial intelligence-powered platform for insurance claims processing and fraud management in Africa, has raised $450,000 in pre-seed funding.
The round was led by Atlantica Ventures and Consonance Investment. Kepple Ventures and some African angel investors participated.
“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,” said IK Kanu, partner at Atlantica Ventures.
The insurance-tech startup was founded by Henry Mascot, who is its CEO; John Dada, the CTO; and Oliver Gyr, the CSO. It works with large insurers such as AXA Mansard, Liberty Health and Old Mutual, besides 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 are estimated to lose more than $12 billion to fraudulent, wasteful, and abusive claims. Curacel says its 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.
The startup is also about to launch Curacel Capital, a cash advance product that makes it easier for healthcare providers to access working capital to mitigate financial challenges.
Another African insurance-tech startup that raised funding this year is Nairobi-based Pula. Pula is an agriculture-related insurance-technology startup that scooped up $6 million in Series A funding to expand its operations in its existing 13 markets across Africa and also expand into Asia.