US investor seeds Africa deal

A US-based investor has backed a seed investment round into a Kenya-based financial services technology company.

P1 Ventures has backed a $1.8 million funding round into Lami Technologies, investing as a new player.

The investor is joined on the deal by US-based players, Accion Venture Lab, Continent Venture Partners and Acuity Ventures – who are also in the deal as new investors.

Asia Africa Investment & Consulting (AAIC), Consonance Investment Managers and Future Africa are also backing the deal as new investors.

P1 Ventures is a venture capital firm that was created in 2014 to back deals, globally.

Lami will use the new capital for geographical expansion, with the company looking to grow its footprint regionally, across Africa.

The company will also use the capital for capacity expansion, with Lami looking to grow its number of employees. Lami currently employs about 14 people.

Part of the capital will be used for product development, with the company building out its online insurance platform.

Lami Technologies is being backed based on growth prospects, with 97% of the population in Africa lacking access to insurance, according to the investors.

Makhoul Hajjar [pictured] is general partner at P1 Ventures.

Michael Schlein, president and chief executive officer (CEO) at Accion Venture Lab represented the investor.

Ashley Lewis, Africa director at Accion Venture Lab worked on the deal.

Headquartered in Nairobi, Lami is a software company which offers an online insurance platform to corporate clients.

The company’s platform enables financial services providers to offer insurance products to their clients online.

Lami’s clients include Kenya-based financial services company Britam, which is part-owned by AfricInvest.

Created in 2018, Lami is headed by founder and CEO Jihan Abass and employs 14 people, as of 2021.

Full deal details will be available shortly