3IF Ventures backs Kenya's Turaco in its first-ever InsurTech bet
What's the deal? Turaco, a Nairobi-based embedded insurance platform, has raised an early-stage round from 3IF VenturesDealroom has a profile for this one. Try Dealroom →, the Mauritius-based pan-African fund's first-ever investment. Neither party disclosed the amount, though 3IF Ventures typically writes early-stage tickets of $250,000 to $750,000.
What does Turaco do? Founded in 2019 by Ted Pantone and Peter Gross, it sells simple, affordable insurance to underserved customers through embedded partners such as M-KOPA and Safaricom PLC. The company has reached more than 8 million people across six African markets.
The backstory: Turaco raised a $2 million Seed round in 2020, followed by a $10 million Series A in 2022 that funded its entry into Nigeria. It added Ghana in 2023, secured microinsurance licences in Uganda and Kenya in 2024, and crossed 5 million insured customers in 2025.
Why now? The deal follows 3IF Ventures' first close of its Inclusive Insurance Investment Fund at $12 million in June. Backed by limited partners including ZEP-REDealroom has a profile for this one. Try Dealroom → and FSD Africa InvestmentsDealroom has a profile for this one. Try Dealroom →, the fund invests from pre-Seed through Series B in insurance and adjacent sectors.
Expanding abroad: Turaco is now testing whether its Africa-built model can travel, launching in Zambia and Pakistan as it eyes Asia. It has set a long-term ambition of insuring a billion people worldwide.
What's the endgame? 3IF Ventures frames its strategy around a "3A-Challenge" — access, affordability, and awareness — the structural barriers it says keep insurance from most of the continent. "Turaco has built a very strong model with clear traction and expansion strategy," said Anthony Chaillet, general partner at 3IF Ventures.
The signal: More than 90% of African households and MSMEs lack insurance, according to 3IF Ventures. Backing embedded, tech-enabled players like Turaco is the fund's bet on closing that gap — one debut deal at a time.
Read more: african-startups.com
Image credit: Jonathan Stonehouse
