AfricInvest & Cathay in Kenya deal

AfricInvest and Cathay Innovation have backed an investment round into a Kenya-based financial services technology company.

The duo has backed a $10 million investment round in Turaco, investing alongside Novastar Ventures, and Enza Capital.

AfricInvest and Cathay are structuring the deal through their Cathay Africinvest Innovation Fund, closed at approximately $112 million (€110 million) earlier in 2022.

The company is being backed on growth prospects, insurance penetration in Africa being below 3%, according to AfricInvest.

Khaled Ben Jilani [pictured] is senior partner at AfricInvest.

Yassine Oussaifi is partner at AfricInvest.

Andrew Carruthers is managing partner at Novastar Ventures.

Vincent Sebag is vice president at Cathay Innovation.

Moez Ghanmi is venture capitalist at AfricInvest.

Azza Khalfallah is investment officer at AfricInvest.

Denis Barrier is co-founder and chief executive officer at Cathay Innovation.

Mike Mompi is CEO at Enza Capital.

Novastar Ventures first backed Turaco in 2020, injecting an undisclosed amount into the company. The investor structured the deal through Novastar Ventures Africa Fund II, closed at $108 million for the final close in 2020.

Headquartered in Nairobi, Turaco is a software company that offers on online insurance services platform for consumers across Kenya.

The company’s platform enables clients to buy life and health insurance coverage.

Turaco also enables users to change or cancel the insurance cover anytime and apply for claim settlements.

Created in 2019, Turaco is headed by co-founder and chief executive officer (CEO) Ted Pantone and employs 84 people, as of 2022.